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Five Japanese Steel Companies Set 2009 Indian Iron Ore Prices
= Lump ore down 44.47%, fines ore down 32.95% =
Five Japanese integrated steel mills have reached agreement by July 10 on the iron ore prices for contract year 2009 with the markdown rates of 44.47% for lump ore and 32.95% for fines ore, both with respect to the previous year. As a result, the representative Bailadila iron ore was priced at US110.33 / dltu for lump and US94.62 / dltu for fines.

A mission including Sanjiv Batra, Chairman and Managing Director, MMTC, and Shri Rana Som, Chairman-cum-Managing Director, NMDC stayed in Japan from July 8 to 10, during which period they negotiated new prices with Nippon Steel, JFE Steel, Sumitomo Metals, Kobe Steel and Nisshin Steel individually.

Five-year contracts are customarily concluded between Japan and India fixing annual supply quantities of iron ore. Current contracts cover the period comprising 2006 to 2010, with annual imports fixed at between 3.47 million tons and 6.75 million tons.
last modified : Thu 16 Jul, 2009 [10:33]
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