Exports of iron ore to Japan & S. Korea to fetch revenue of Rs.2,500 crores.
The Indian iron ore delegation comprising of senior officials of Ministry of Commerce, Ministry of Steel, MMTC and NMDC returned last week end after finalizing the quantities and prices for iron ore exports to Japan and S. Korea for FY 2008. While the quantities have been maintained at the previous year level of 4.27 million tonnes for Japan Steel Mills (JSMS) and POSCO, the prices have been increased by 96.5% for lumps and 79.88% for fines over the previous year levels, in line with the benchmark prices settled with Australia.
MMTC/ NMDC have five year long term contracts with JSMs and POSCO running through FY 2006-2010 and the quantities and prices are decided annually under the long term contract. As a result of the price settlement achieved this year, the iron ore exports to Japan and S. Korea would earn foreign exchange to the tune of Rs.2,500 crores.
