India's Government has approved continuing the long-term contract signed before with China , Japan and Korea. Its owned trading company MMTC will carry on the contract. No detailed information on price has been released. But the announce say "accepted price" China has indicated the accepted price is from -30% to 10%.
India is the third largest iron ore exporter and produce 150 mt iron ore in 2010. Australia will produce 275 mt 2006. This is a bad new as BHP and RIO want 15%-20% price rise.
The negociation between 3 giant with Bao Steel of China should finish on April 1, but so far no any results and news yet.
india has signed 2006 long-term iron ore contract
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