New Delhi: Steel Exchange India has signed an agreement with NMDC for the sourcing of iron ore from an upcoming facility of the state-owned miner in Visakhapatnam, Andhra Pradesh.

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The agreement aims to provide long-term access to consistent-grade iron ore fines – ores with 61-63 per cent Fe – for its integrated steel manufacturing needs, Steel Exchange India Ltd (SEIL) informed the stock exchanges on Wednesday.

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"The MoU establishes a commercial and operational framework for the supply and procurement of consistent grade iron ore fines sourced from NMDC's upcoming buffer stockpile and blending yard at Visakhapatnam," the company said.

Direct procurement from the upcoming buffer hub ensures seamless logistics, lower freight costs, and minimal transit times for SEIL's plant operations in Vizianagaram.

This MoU is expected to support SEIL's expansion plans in the near future, the company said.

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