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ICEX sees 590 tonnes steel delivery in December contract

Steel News - Published on Tue, 11 Dec 2018

Image Source: financialexpress.com
Financial Express reported that commodity bourse ICEX on Saturday has witnessed 590 tonnes of steel delivery in the recently expired contract and expects higher trader participation in the coming months. According to ICEX, the contract that expired on December 5 witnessed deliveries of 590 tonnes from the exchange-accredited warehouse at Ghaziabad, Uttar Pradesh.

Mr Sanjit Prasad MD & CEO of ICEX said in a statement that “The ICEX Steel Long contracts have witnessed increased participation within a short period of time since its launch, on account of the continued volatility seen in the steel spot prices.” He added that the very high correlation of the ICEX contract prices with the underlying steel long product spot prices that the exchange has witnessed since the launch will encourage increased participation from across the country in the upcoming months.

ICEX steel long contracts are the only metal (ferrous and non-ferrous) derivative contracts in the Indian commodity derivatives ecosystem, based on the compulsory delivery mode of settlement.

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Posted By : Nanda Koijam on Tue, 11 Dec 2018
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