Indian industry seeks long-term freight contract with IR for steelmaking raw materials

Tuesday, 21 May 2019 10:49:44 (GMT+3)   |   Kolkata

The Indian industry representative body, the Federation of Indian Chambers of Commerce and Industry (FICCI), has proposed to the government that iron ore, coal and coking coal be made eligible for the Long Term Tariff Contract (LTTC) of state-run transporter Indian Railways (IR), a government official said on Tuesday, May 21.

The official said that IR has unveiled its LTTC policy, according to which select freight goods could be booked for transportation on long-term basis pegged on pre-determined price escalation clauses.

However, key raw materials for the steel sector which require high-volume transportation have been excluded from the purview of IR’s LTTC policy, the official said.

The FICCI stated that the inclusion of iron ore, coal and coking coal within IR’s LTTC policy will ensure cost stability for major domestic steel producers and also higher price competitiveness of finished product prices, the official added.

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