As reported by SteelOrbis early this week, Iranian Deputy Minister for Mines and Industry and chairman of
Pakistan Steel Mills (PSM) agreed to enhance steel trade between the two countries.
According to the deal,
Iran would supply
iron ore to
Pakistan however the details of the agreement were not revealed.
Iranian officials have announced that
Iran will supply
iron ore to
Pakistan for five years. Moreover,
Iran will conduct a survey for exploration of
iron ore and other minerals in
Pakistan.
Pakistan officials stated that the country has potential raw material reserves however there is a lack of the necessary technical equipment to explore the deposits.
Through this deal,
Pakistan will not have to import raw material.