NOVEMBER 23: India has acceded to the request of China to enhance exports of high quality iron ore by over 40 per cent at 10 million tonnes annually to help the neighbouring nation improve the standard of steel production and cut costs.A high-level Chinese delegation led by Zhao Xizi, vice-director general of the state administration of metallurgical industry called on Steel Secretary A K Basu here and made the request for increasing the exports from New Delhi.
Basu told the Chinese delegation that India could raise the supply of iron ore to 10 million tonnes per annum from the current level of seven million tonnes.
Xizi told Indian officials that by raising the quantity of iron ore imports from India, the latter would aid Chinese steel industry in terms of supply of high quality raw materials, lower prices and freight charges compared to other exporting nations like Australia, an official release said.
Beijing has also evinced interest in raising import of manganese ore from India by 100 per cent toone lakh tonnes per annum, the release said.
China would soon send a technical team to visit the iron and manganese mines in India and in turn a delegation of various mine producers would visit Beijing to identify issues of mutual cooperation in the steel sector.
India currently supplies 50,000 tonnes of manganese ore to China through the Manganese Iron Ore Ltd.
The Chinese delegation also discussed technological transfer in the steel sector and offered their expertise in blast furnace designs, the release said.
Both the sides also discussed investment potential in India in the upgradation of Indian steel plants both in terms of equipment supply, technological transfer and upgradation.
The Indian side also explored the possibility of finding a Chinese joint venture partner for Mecon India ltd to focus on consultancy service in the third world countries, the release said.
Besides mooting formation of a working group on metallurgy for enhanced cooperation between the two countries, the Chinesedelegation invited Indian companies to participate in the iron and steel fair.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.