OREANDA-NEWS. Metalloinvest has implemented an international iron ore sales practice of iron ore supplies under long-term contracts, the press service of the company reported.

The management of the MC “Metalloinvest” adopted a decision to pass to the international standards of trade in iron ore raw material under the long-term contracts.

Earlier the holding’s commercial strategy provided for short-term quarterly contracts for supplies to the local market, while annual contracts applied only to export sales.

By now, the enterprise has signed long-term agreements covering the overall marketable iron ore output planned for 2007. Still, iron ore raw materials for pig production are supplied under short-term contracts. 

Given the total scope of contracts for 2007 signed with metallurgical enterprises, the iron ore mining and processing plants of Metalloinvest will supply about 33 million tones of iron ore raw materials, 50% of which is meant for the local market and another 50% will be exported.

In the year of 2007, Metalloinvest is also going to implement a practice of signing long-term agreements for 3-5 years for export sales of iron ore raw materials.