Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest and Russian steel producer Magnitogorsk Iron & Steel Works (MMK) have announced the signing of a long-term contract for the increase of iron ore supply to MMK.
The new contract specifies a pricing structure for the supplied products based on existing market indicators and the price dynamics of the global iron ore market. According to the contract, there will be an increase in the supply of iron ore products which will be delivered to MMK’s production sites from Lebedinsky GOK and Mikhailovsky GOK.
The contract is a continuation of the collaboration between Metalloinvest and MMK. The previous contract was signed in 2011.