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. 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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