MMTC Limited continues to play a leading role in mineral trade for a period spanning over four decades. MMTC’s performance in mineral trade has been acknowledged by the CAPEXIL (Chemicals and Allied Products Export Promotion Council) by conferring the nation’s highest award for excellence in minerals exports 24th time in succession. In the last decade, MMTC could withstand the stiff competition in the global market by its continuous and persistent efforts in garnering new customers apart from retaining existing customers, enlarging the product range, expanding extensively its infrastructure facilities and by attaching utmost care and importance to its trade commitments as also the quality of service and products.
MMTC has been consistently striving to enhance its competitiveness in the area of value addition. MMTC has provided further fillip to value addition of minerals. MMTC’s co-promoted 1.1. million tpa Neelachal Ispat Nigam Ltd. (NINL) consumes annually over 2.2 million tons of various types of minerals on annual basis arranged mainly by MMTC.
MMTC's Unique Position
MMTC continues to lead India's foray in mineral exports with global success for four decades by redefining standards of global excellence by customer satisfaction worldwide. It continues to be one of the largest suppliers of Iron Ore, amounting to over 20% of India’s total iron ore exports during 2015-16.
MMTC has managed with commendable elan the bulk operations spread across far-flung areas in the mineral rich States of the country and by exporting minerals from all the major ports of India, thus utilizing the extensive network of infrastructure facilities. MMTC's drive for excellence is reinforced by its marketing thrust in traditional markets like Japan, S. Korea and China.
MMTC, India's largest foreign trade enterprise, reiterates its commitment to augment India's share in the global market for minerals and ores. For the consistent and sustained performance in the global arena, MMTC is grateful to valued patrons, associates and partners who have helped in the journey.
Items of Trade
At the loading ports, MMTC ensures proper receipt, stacking, quality control and delivery of the cargo into the vessels for shipment. The entire arrangement guarantees delivery of minerals & ores contracted round the year.
Most Indian ports loading Iron ore are equipped with mechanical loading facilities.
Destination of Exports
MMTC exports Iron ore/Chrome Ore/Chrome Concentrate/Manganese Ore to Japan, South Korea, China, etc. The export is both on the basis of long term arrangement and spot contracts.
Leader In Mineral Exports
MMTC's performance in mineral trade has been acknowledged by the CAPEXIL (Chemicals and Allied Products Export Promotion Council) by conferring the nation's highest award for excellence in mineral exports 24th time in succession.
Mode of Sales
Invitation for Expression of Interest (EOI) for Empanelment of Overseas Buyers of Iron Ore :
1. MMTC invites EOIs from overseas buyers/traders/consumers who wish to be empanelled for export of Iron Ore from MMTC on FOB basis. Interested parties are requested to submit their EOIs as per details contained herein.
I. Eligibility Criteria:
(a) The applicant should have a minimum net worth of USD 10 million on the closing date of the last completed financial year.
(b) Average annual turnover of the company / firm during the last three completed financial years should be minimum USD 100 million.
(c) Latest positive Bank reference report.
II. Documents required :
(a) Profile of the buyer company, i.e. public limited / private limited / partnership / proprietary concern with details of contact persons, Phone Nos., Fax No., e-mail ID, complete address of the company, names of bankers, etc.
(b) Audited financial statements for the last three completed years. In case any company is new and is yet to complete three years, Audited financial statements be submitted since its incorporation.
(c) A latest positive Bank reference report, in original (not older than six months from the date of application).
(d) Documents showing buyer company’s Registration Certificate with Tax authorities, Export/Import Code, etc. in the respective country.
III. Documents desirable :
i) Satisfactory or equivalent Credit rating issued within six months prior to the date of this Notice from any one of the Credit Rating Agencies viz. DUN & BRADSTREET/MOODY’s/STANDARD & POOR, CRISIL, ICRA, CARE, etc.
ii) Consent letter for opening L/C from banks acceptable to MMTC for 100% value of the cargo. The L/C should provide for TT reimbursement of invoice value within two working days after receipt of claim from negotiating or confirming bank. MMTC shall accept L/Cs from top 50 banks ranked by bankersalmanac.com (link https://accuity.com/resources/bank-rankings/) and foreign branches of all nationalised banks of India.
2. As soon as a shippable lot is organized by MMTC, tender enquiries indicating detailed quantities, specifications of the material, port of shipment, etc., will be circulated amongst the empanelled buyers by e-mail / fax who may submit bid, if interested, within the stipulated time. The empanelled buyer who submits the highest bid will be selected as successful bidder (other terms of sale being met). At the time of submitting price bid, the bidders shall submit an EMD as prescribed by MMTC. Value of the EMD could be upto 1% of shipment value (in the form of Bank Guarantee or through fund transfer) and the same would be derived on the basis of the then prevailing Iron ore prices of the grade for which the bids would be invited. Bid(s) received without EMD would be rejected outrightly. While EMDs of unsuccessful bidder would be returned within one week from the date of opening of price bids, the EMD of successful bidder would be returned immediately on receipt of prescribed Performance Guarantee.
3. Acceptance of the offer made by the successful bidder will be conveyed in writing and MMTC shall forward sale contract alongwith Integrity Pact to the buyer confirming sale and detailing terms of shipment. The buyer shall return such contract alongwith Integrity Pact, duly signed/stamped, within two working days of receipt of the sale contract. In case buyer fails to return the said contract/documents within stipulated period, sale of material to such buyer shall be treated as cancelled.
4. The overseas buyer shall submit following documents within 10 (ten) days of receipt of above sale contract :-
(i) Performance Guarantee (PG) bond in the form of bank guarantee for 2% value of the cargo (with positive 10% tolerance) as per format prescribed by MMTC. Such PG Bond shall be initially valid for a period of 45 days after the latest date of shipment ;
(ii) The buyer shall open an irrevocable, without recourse to drawer L/C from first class International bank for 100% value of the cargo after signing of the contract. The L/C shall provide TT reimbursement of provisional invoice value to the extent of 98% based on loadport results within two working days after receipt of claim from negotiating or confirming bank. The L/C should also contain a clause providing for negotiation and acceptance of documents even with spelling mistakes, grammatical mistakes and / or technical discrepancies / errors for payment. Balance 2% value to be derived based on the Discharge Port / CIQ results to be released on receipt of final invoice from the seller.
5. If for any reason, the empanelled buyer fails to send the signed contract or fails to open the PG Bond or L/C of appropriate value, MMTC reserves the right to de-panel such overseas buyer and de-bar them from future business transaction with it. The EMD tendered would stand forfeited.
6. MMTC’s wholly owned Singapore based subsidiary (MTPL) will be exempted from submission of Bank Guarantee and also opening of L/C. However, this exemption is subject to MTPL’s obtaining similar arrangements from their buyers on back to back basis.
7. Empanelment of the interested buyers would be processed within a period of maximum three months from the date of submission of all required documents and such new empanelled buyers would be eligible to participate in the bid after one month from the date of empanelment.
8. The overseas buyers may submit their EOIs alongwith the documents required for empanelment, complete in all respects, in sealed cover to Ms. Anju Gupta, General Manager (Minerals) at the following address :-
MMTC Limited, Core-1, III Floor, SCOPE Complex,
7, Institutional Area, Lodhi Road,
New Delhi 110 003 India.
Phone : 0091 11 2438 1396, FAX No. 0091 11 2436 4106
E-mail : anjug[at]mmtclimited[dot]com