Minister of Mines (Independent Charge), Shri Dinsha J. Patel informed Rajya Sabha today in a written reply that, National Mineral Development Corporation Limited (NMDC Ltd.), a Government of India Enterprise had been exporting iron ore to Japan and South Korea on long term agreement since 1963 and the last agreement has expired on 31st March 2011. The long term agreement for the next 3 year period starting from 2012-13 has been approved by Government. He further informed that comparison of long-term prices with spot prices cannot be done as long term prices are applicable for the entire year whereas the spot prices are fixed on day to day basis or even ship to ship basis.
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