The Hindu Business Line : Robust steel ingots delivery on NCDEX

Mumbai, July 3 National Commodity & Derivatives Exchange Ltd has witnessed robust delivery of mild steel ingots (MSI) on its platform. The June MSI contract, which expired on June 20, saw deliveries of 1,980 tonnes at the base centre, Ghaziabad.

The MSI contract has seen good deliveries after a gap of almost a year. The exchange streamlined the assaying process by allowing pre-approved steel mills to deliver goods without testing.

PARTICIPATION

To ensure that the quality of the commodity delivered is in accordance with contract specifications, NCDEX regularly conducts stringent quality tests at the mills to qualify them for the pre-approved status. The commodity futures exchange saw active participation from pre-approved steel mills this month.

It has seen deliveries to the extent of 7,000 million tonnes of MSI till date at its warehouses at Kolkata, Ghaziabad and Raipur.

“NCDEX is the only online commodity futures exchange in the world on which futures contract in steel is fairly liquid,” a press release from NCDEX said.

Since steel is subject to central and state levies, manufacturers and dealers, who are registered under both these taxes can only deal in the deliveries at NCDEX.

As per the specifications of the MSI contract, the unit of trading as well as delivery is 10 tonnes. The primary delivery centre for the contracts is Ghaziabad. Additional delivery centres are at Mandi Gobindgarh, Raipur, Kolkata and Mumbai.

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