JAPAN TO PAY FIVE PCT LESS FOR INDIAN IRON ORE
Japan will pay five pct less for the
Indian iron ore it imports in fiscal 1987/88 starting April 1
than the average 18 dlrs a tonne it paid in 1986/87, a
government trade official told Reuters.
    He said India had agreed to export to Japan about 23 mln
tonnes of iron ore in 1987/88, about the same as in the current
year.
    The official described the agreement as satisfactory
overall. He said it was signed by an official Indian trade
delegation and Japanese businessmen in Tokyo last week.
    The official said it was encouraging that Japan had agreed
not to reduce ore imports from India although Japan's total
iron ore imports would be lower in the coming year because of
the recession in the Japanese steel industry.
    He said Japanese ore imports in calendar 1987 would total
96 mln tonnes, compared with 103.5 mln in 1986.
    Government officials said India's total ore exports are
likely to rise to between 33 and 34 mln tonnes in 1987/88,
against a provisionally estimated 31 mln in 1986/87.
 REUTER
