Govt approves pacts for supply of iron ore to Japan, South Korea through MMTC

Govt approves pacts for supply of iron o...

The Union Cabinet on Wednesday approved a long-term agreement for export of iron to Japan and South Korea through state-owned trading firm MMTC, an official release today said.

 

"Cabinet approves renewal of long-term agreements for supply of iron ore (lumps and fines)...to Japanese steel mills and POSCO, South Korea for another five years (from April 2018 to March 2023) through MMTC," it said.

The range of quantity of iron ore to be exported would be 3.8 million tonnes per annum to 5.5 million tonnes per annum, it added. The supply of iron ore, although of smaller quantities, has been a core element in the bilateral ties with Japan and South Korea.

MMTC will be supplying iron ore of grade (plus) 64 Fe, or high grade content, to Japanese and Korean steel mills from NMDC's Bailadila mines in Chhattisgarh. It added that the existing policy of single agency operation and exports through MMTC, with trading margin of 2.8 per cent of FOB (free on board) price, shall be continued.


PostedOn: 26 Apr 2018 Total Views: 126




'C/o Kancherapalam' wouldn't have worked...

'C/o Kancherapalam' wouldn't have worked with star...

Director Venkatesh Maha speaks to TNM about the Telugu film that's taking audiences across states by storm.86 debut actors. A sleepy village. And four love stories. The heart-warming tale of C/O Kancherapalam is director Venkatesh Maha’s first in creating a one of its kind Indie movie for the ...

12 Sep 2018

Vodafone-Idea merger completed, creates ...

Vodafone-Idea merger completed, creates India’s bi...

Creating the largest telecom company in India, Idea Cellular and Vodafone have merged their operations and have officially become operational as a single entity under the name ‘Vodafone Idea Limited’. After National Company Law Tribunal (NCLT) cleared the mergeron Friday, Vodafone Idea t...

31 Aug 2018

Alibaba eyes omni-channel retail in Indi...

Alibaba eyes omni-channel retail in India, in talk...

Walmart’s acquisition of Flipkart has spurred Chinese giant Alibaba into some increased activity of its own in expanding its business interests in India. It had done one round of exploration earlier and islearntto have re-entered the talks and discussions on creating an omni-channel retailing ...

20 Aug 2018

Samsung tops India premium smartphone ma...

Samsung tops India premium smartphone market in 20...

South Korean giant Samsung dominated the premium smartphone segment in India in the first half of 2018 grabbing almost half the market share, a new report said on Friday. According to CyberMedia Research (CMR) India's "Mobile Handset Review", Samsung with 48 per cent topped the premium market (Rs 30...

17 Aug 2018

Paytm acquires savings management Startu...

Paytm acquires savings management Startup ‘Balance...

In what can be described as shoring up its financial services business, One97 Communications Ltd., the parent company that owns digital payments major Paytm, has absorbed into its fold, a fintech startup, Balance.Tech. Balance has been operating an app that helps people with managing their savings. ...

10 Aug 2018

Jet Airways Warns Staff That Airline May...

Jet Airways Warns Staff That Airline May be Ground...

Battling financial woes, Jet Airways Ltd has warned its pilots that the airline may be grounded in 60 days unless cost-cutting measures including 25 per cent pay cuts are carried out, Reuters reported. It must be noted that the proposal for pay cuts have been rejected by pilots. The pilots have been...

03 Aug 2018

Reserve Bank of India Increases Key Inte...

Reserve Bank of India Increases Key Interest Rates...

The Reserve Bank of India today hiked repo rate by 25 basis points to 6.50 per cent for thesecond time in a row,as it announced the monetary policy on Wednesday. Consequently, thereverse repo rate has been adjustedto 6.25 per cent. The central regulator, however, kept its stance unchanged to neutral...

01 Aug 2018

RBI Policy Rates to be Announced Today

RBI Policy Rates to be Announced Today

The Reserve Bank of India (RBI) will announce key policy rates todayafter the conclusion of the two-day meeting of Monetary Policy Committee (MPC). There are mixed expectations as few analysts suggest the regulator may probably increase the repo rate by 25 basis points to a two-year high of 6.5 perc...

01 Aug 2018