Foundry Daily News

Rio Tinto exporting iron ore to Essar Steel in India

Rio Tinto has agreed to sell its first iron ore to India, marking a strategic sales breakthrough in the Asian country. Mr Sam Walsh CEO of Rio Tinto said that "There will be a shipment arriving there (India) in December, so one is due to leave shortly.”

Mr Walsh said that the cargo from Rio's Pilbara operations in Western Australia is destined for Essar Steel. He told PTI that “This is only one shipment at this stage, but this is very significant in terms of forging a relationship with Essar and potentially opening doors.”

He added that “We have long believed that India is a long-term market of great potential, and this development should be seen in that context. It is also potentially significant given our iron ore project in Orissa, which we expect will also be a source to supply the growing Indian market.” India which boasts a growing domestic steel market is normally an iron ore exporter mainly to the Chinese spot market.

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