India’s RINL has signed a long-term contract with NMDC for the purchase of iron ore

India’s state-owned steel company Rashtriya Ispat Nigam Ltd (RINL) has agreed to buy 10 million tons of iron ore per year from Indian mining corporation NMDC on a long-term basis. Steel Mint reports about it.

The announced amount of deliveries per year will be about 25% of NMDC’s annual production. The company produces about 42 million tons of iron ore per year at its mines in the states of Chhattisgarh and Karnataka.

In early September, NMDC announced its intention to supply iron ore from its mines in Karnataka under long-term contracts. The company accepts offers from interested end users until September 22.

During the 2022/2023 fiscal year, the mining corporation plans to extract about 36 million tons of iron ore in the Bailadila sector and about 14 million tons in the Donimalai sector.

As GMK Center reported earlier, India has became a net steel importer in July for the first time since January 2021. The largest share in the total import of steel products was hot-rolled non-alloyed steel – 35%.

As GMK Center wrote before, in August 2022, India approved six new steel projects in the state of Odisha. The projects will expand the capacity of Tata Steel, ArcelorMittal Nippon Steel and other Indian companies. The government of the Indian state of Odisha has approved 10 industrial projects worth 74.62 thousand crore rupees (about $9 billion), six of which are metallurgical. As a result of the implementation of new industrial projects in Odisha could create 2.4 thousand additional jobs.