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Iron ore price negotiations - India and Japan to start price negotiations
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Wednesday, 03 Aug 2011

India will commence price negotiations with Japan for export of iron ore by National Mineral Development Corporation in the next few weeks, with the iron ore miner recently receiving the draft Cabinet approval on the estimated quantity of ore exports for the next five year period.

An Indian delegation, comprising senior officials from the ministry of commerce, ministry of steel, canalising agency MMTC and NMDC, will be participating in the price negotiations. The prices are fixed in line with the prices for Australian and Brazilian exports.

NMDC which has been indicted by the Karnataka Lokayukta for under invoicing its exports to Japan and South Korea between 2006-07 and 2009-10, has received approval to export 3.3 million tonnes of ore this fiscal, as part of the new five year contract. The last contract expired on March 31st 2011.

(Sourced from BL)

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