Jindal Stainless to supply stainless steel to Minmetals

Jindal Stainless to supply stainless steel to Minmetals

According to recent news in the market, Indian mill Jindal Stainless Steel has reached an agreement with Chinese producer Minmetals Steel to supply 50'000 tons of steel to Chinese producer. The deal is concluded at $60 million. Under the scope of the agreement, which will be in effect for one year, Jindal will supply hot rolled and cold rolled stainless steel products to Minmetals. An official from Jindal expressed that the agreement is in line with company's aim to increase its exports to China. Jindal aims to increase its exports to 270'000 tons in the current fiscal year, ending in March 2005 from 215'000 tons recorded in the previous fiscal. Moreover, company officials are of the opinion that Chinese demand for stainless steel products will not decrease in the next few years.