The newly launched steel rebar contract logged in a turnover of ₹77 lakh in the first half of inaugural trade on the country’s largest commodity exchange MCX.

The exchange launched three contracts expiring on February 29, March 28 and April 30.

The trading unit of the steel rebar contract is five tonne while the quotation (base value) is one tonne. The price quotation is ex-Warehouse at Raipur district, Chhattisgarh (excludes only GST) and maximum order size is 200 tonne.

The contract will have a tick size (minimum price movement) of ₹10 per tonne. Initial Margin of the contract is a minimum of eight per cent and Extreme Loss Margin is a minimum one per cent.

The basic delivery centre will be ex-warehouse at Raipur in Chhattisgarh, and additional delivery centre’s are at Thane in Maharashtra; Palwal in Haryana; Chennai in Tamil Nadu; and Durgapur in West Bengal. The steel rebar contract is a compulsory delivery contract.

Steel rebar, with its direct applications in construction and infrastructure development, becomes the first-of-its-kind futures contract in India, said the exchange. It is used in structures made of concrete and plays a crucial role in strengthening them.