The National Commodity and Derivatives Exchange (NCDEX) will relaunch the Steel Futures contract from January 18 and re-entering the non-agri space and increasing its footprint on derivate products as per the local media.
Initially, three contracts expiring in February, March and April will be available for trading. The steel contracts will trade mild steel ingots and billets which conform to IS 2830 notified by the Bureau of Indian Standards (BIS). Unit of trading is 10mt and maximum order size is 500mt. The basis centre will be Mandi Gobindgarh in Punjab while Ghaziabad in Uttar Pradesh will be additional delivery centre.