India has always been an important exporter of iron ore to Japan and South Korea. Since 2018, a total of 5.5 million tons have been exported annually.
Currently, India has reportedly decided not to renew its long-term iron ore supply agreement with Japan and South Korea due to factors such as reduced iron ore production in the production area and a shortage of domestic raw materials.
Under this bilateral agreement, India is supplying iron ore at preferential prices and export duties could be reduced by up to 10%. Under normal conditions, the export duty is 30%.
India reaches an agreement with Japan and South Korea on the supply of iron ore
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