India’s National Commodity and Derivatives Exchange will relaunch steel futures contract on January 18. The contracts will initially be available for months expiring in February, March and April. The steel contracts will trade long steel products like ingots and billets having a trading unit of 10 tonnes. The basis centre will be Gobindgarh in Punjab while Ghaziabad in Uttar Pradesh will be the additional delivery centre.
NCDEX Managing Director and CEO Mr Vijay Kumar said the steel contracts will provide a reliable and transparent risk management tool to hedge against volatile prices.