Aastha Minmet India Ltd has signed long term contract with mines in Turkey for Chrome ore & Manganese Ore to be imported and sold to various alloys manufacturing industries in the country.
The ores will be imported and stocked at Vizag and Kandla Port on the East & West Coast respectively. Aastha is targeting to import and sell 0.5 million tones of Manganese & Chrome each by the end of this fiscal.
Aastha Minmet in association with NSEL plans to launch delivery-based imported chrome ore & manganese ore contracts next month i.e. September. Aastha Minmet is showing its commitment of being a single point shop for minerals trading in the country by adding two more feathers to their hat.
Speaking over phone with SteelMint Analyst, Mr. Mohit Aggarwal, the Managing Director of Aastha Minmet said, “We have plans to launch chrome ore & manganese ore contracts next month. We have long term contracts to import 1 lakh tonne each of manganese ore & chrome ore annually to be delivered at western port of Kandla & eastern port of Vizag.â€Â
“Since there are various plants located near Vizag who manufacture Manganese Alloys, we hope to get better response for these contracts. The working of these contacts will be similar to that of the coal contacts and it will be settled on a trade-to-trade basis. The benchmark grade to be traded in these contracts is Mn 42% & Cr 42% â€Â, he added further.
This is a significant development in the unorganized minerals and ores trading market in the country. The industry is welcoming these developments as it gives a seamless and risk free market place for large number of buyers, kudos to Aastha for its foresightedness. This is a clear indicator that trading in India is maturing to international standards.
Leave a Reply