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Sumitomo closes in on Iranian plate deal |
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The Sumitomo Corp is hoping to conclude negotiations soon with Iran's Ahwaz Pipe Mills (APM) for the supply of 24,000 tonnes of X70 grade heavy plates from Japan that APM will form into large dia pipes for use in a natural gas pipeline project. Though Sumitomo is the lead negotiator the trader is sharing the business with Marubeni. A frame contract has been agreed but final details are still being worked out. On the supply side SMI will likely be providing 7,000 tonnes, Nippon Steel and NKK 6,000 tonnes each, Kawasaki Steel 3,000 tonnes and Kobe Steel 2,000 tonnes. The Japanese mills would like to begin shipping in May but sources close to the deal suggested that this would be difficult. The first plates are likely to be dispatched in June. |
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Dated 1st May 2001 |
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