Iron ore exports only at higher rates: NMDC
THE LONG-TERM export contract of iron ore with Japanese and Korean steel mills may soon come under threat. Country's largest iron ore producer NMDC may terminate contracts with companies based in Japan and Korea unless buyers agree to pay substantially increased price for the ore. NMDC is forced to increase its price due to higher freight charges and the recently imposed advalorem export duty. The negotiations to renew long-term contract with Japan and South Korea is scheduled for the last week of this month.