The Hindu Business Line : MCX to kick-start steel futures trading

Dr Jamshed J. Irani, Director of Tata Sons Ltd, will be the chief guest on the occasion and would formally launch the trading. The launch is scheduled on the terminal of Maximus Commodities, a member of MCX. The launch will see representations from the entire steel industry, associated intermediaries and other eminent dignitaries.

With this initiative all the existing and new members of MCX will be able to trade in all the commodities offered by the exchange including steel, a press release here said.

"MCX will be the first ever commodity exchange in the world to offer online steel futures trading. A formal launch has been scheduled to kick-start steel futures trading in the country. With yet another first from MCX we will continue to work towards building a comprehensive commodities market in the country," Mr Jignesh Shah, MD of MCX, said.

He further added: "This initiative will provide the steel industry participants immense hedging and investment opportunities, facilitating best price discovery, standardisation, uniformity and highest quality norms benefiting the entire industry."

With the Indian cash market production of steel approximately at Rs 75,000 crore, MCX expects a steel futures market to the tune of Rs 7,50,000 crore on a conservative multiplier of 10 to that of the spot market, the release said.

With the steel industry growing at a rapid pace and the recent volatility witnessed in the prices in the spot market, the launch of MCX steel futures contracts could never have been better timed, industry sources said.

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