Ore export deal with China likely: Paswan

India is actively planning to enter into a long-term ore export agreement with China and is seeking to re-negotiate a fresh ore supply deal with Japan after its lease on Bailadila expires.

"We are thinking of entering into a minimum five-year-term ore export agreement with China in view of the growing demand there after ascertaining their need," Ram Vilas Paswan, union steel minister said on the sidelines of a two-day steel outlook conference here.

"In case of Japan we are planning to re-negotiate a fresh deal keeping the business interests of the Indian steel producers paramount," Paswan said.

A high-level delegation comprising officials from the steel and commerce ministries besides representatives from the NMDC and KIOCL would meet their Japanese counterparts to find a solution to the ore export deal, the steel minister said.

"While the WTO has played a key role in resolving trade disputes and putting in place a rule-based system for all of us to work together, global trade matters cannot be left on their own. Active interventions are often felt necessary," Paswan said.

"The government of India welcomes entrepreneurs and will continue to play the role of a proactive facilitator. Given the strength demonstrated by the Indian economy, our requirement of steel will continue to grow," Paswan said.