Pakistan Steel Mill (PSM),
India's biggest state owned steel facility, is aiming to import 1.3 million tons of
iron ore worth $14 million from
India.
The delivery period will be between September 1, 2003-August 30, 2004.
PSM imported 600'000 tons of
iron ore from
India last year. This is the first time for
Pakistan to import such a big quantity. Previously,
Pakistan has mostly imported
iron ore from
Australia.
However,
Pakistan stated that the commodity from
India is cheaper than
Australia.
The transportation of
iron ore will be done by South Korean company.