MMK confirms iron ore supply deal with ENRC

The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has officially announced that it has concluded a ten-year iron ore supply contract with Kazakhstan-based ENRC Marketing & Sales, which is the sole distributor of Eurasian Natural Resource Corporation (ENRC). According to the contract, ENRC is to supply agreed volumes of iron ore and pellets to MMK for the next ten years. As for the price settlement, the parties in question agreed to renew prices on a yearly basis, depending on international iron ore price corrections. There had been rumors in the market since the end of February concerning such a contract. However, both ENRC and MMK declined to make any comment till all legal procedures were completed.