KIOCL, Glencore ink pact for iron ore pellet supply

State-owned KIOCL on Tuesday said it has signed a non-binding memorandum of understanding MoU with Glencore International AG GIAG for supply of iron ore pellets. Iron ore pellets are used for making steel through the non blast furnace route.

State-owned KIOCL on Tuesday said it has signed a non-binding memorandum of understanding (MoU) with Glencore International AG (GIAG) for supply of iron ore pellets. KIOCL, under the Ministry of Steel, is a pellet making company. In a regulatory filling, KIOCL said the MoU with Switzerland-based GIAG was signed on Monday. ''KIOCL and GIAG signed a non-binding MoU...whereby KIOCL will supply iron ore pellets to GIAG for further sale by GIAG in South Korean, European and non-Chinese market,'' it said. The MoU shall be valid for a period of one year. Iron ore pellets are used for making steel through the non blast furnace route.

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