It is reported that five large Japan steel mills namely Nippon Steel, JFE, Sumitomo Metal, Kobe Steel and Newsteel, reached 2009 iron ore contract price with NMDC of India on July 10th 2009.

The lump ore reduced 44.47% MoM and powder ore cut 32.95% MoM.

Indian Bailadila's lump ore price was USD 110.33 per dry tonne and the powder ore was at USD 94.62 per dry tonne.

Additionally, the both side also concluded the supply contract of this year.

The current contract deadline is from 2006-2010 and the annual import stands at 3.47 million tonnes to 6.75 million tonnes.