Industry & Economy
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Mining & Quarrying
`Mining industry not averse to long-term pact with China'
Our Bureau
Bangalore
,
Nov 14
The Federation of Indian Minerals Industries (FIMI) today said that the mining industry was not averse to a long-term agreement with China as it would only foster a comfort level to both the industry and investors in infrastructure for transporting iron ore to ports.
The industry's consonance comes in the wake of a suggestion made by Union Secretary for Steel & Mines Mr A.K.D. Jadhav that ore exporters should consider replacing the practice of spot price with LTA-based transaction for competitiveness.
In his inaugural address at the two-day Indian Iron Ore Summit on Monday Mr Jadhav had said that Indian ore exports to China were only for filling up ad hoc gap between demand and supply.
Speaking to newspersons on Tuesday, FIMI President Mr D.K. Saini said that FIMI was persuading the industry to adopt LTA as exporters had to reconcile to certain practical problems of stable and competitive pricing.
On restriction on exports of iron ore, demanded by steel manufacturers, Mr Saini said that with reserves of 25.25 billion tonnes and steel consumption far below the international average, FIMI saw no reason for imposing restriction on exports.
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