India's Federal Cabinet approved government-owned
trading house MMTC Ltd. to enter fresh long-term agreements to export
iron ore to Japanese, South Korean and Chinese steel mills.
The agreements will be for five years and will take effect March 31.
The Cabinet also approved a proposal by the Ministry of Coal and Mines to reduce the annual ceiling on
iron ore exports from the government-owned Bailadila mines.
Accordingly, the annual ceiling has been reduced to 2.7 million metric tons, down 10 percent from 3 million metric tons currently, for lump
iron ore.
For fine
iron ore, the export ceiling has been lowered to 1.81 million metric tons from 3.8 million metric tons.