Mongolia Autonomous Region-based Chinese miner Mongolian Mining Corporation (MMC) has announced that on November 14 it signed a long-term coking coal supply agreement with Shandong Province-based Chinese steel producer Jinan Iron & Steel Co. (Jinan Steel), a subsidiary of Shandong Iron and Steel Group.
As per the agreement, MMC will supply 500,000-2,000,000mt of hard coking coal to Jinan Steel per year. The supply period will last five years and prices will be in line with the market price.
In 2011, Jinan Steel produced 8.34 million mt of crude steel, 8.62 million mt of finished steel and 8.77 million mt of pig iron.