Iron ore exports: India puts an end to decades-old pacts with Japan, Korea

The government is understood to have not renewed a long-term agreement (LTA) for supplying iron ore to Japanese steel mills and South Korean major Posco after upon its March expiry, apparently in view of the uncertainty over investment plans of steel mills from these countries in India. Shortage of the key raw material for steel-making in India is also seen to be a reason for the decision.
Iron ore supply agreements with Korea and Japan have been in existence for around six decades; these got renewed uninterruptedly as New Delhi’s goodwill gesture to the two Asian countries.