Future Market Commission (FMC) approved the permission for futures trading in respect of Steel Long contracts expiring from January 2013 to December 2013 including contracts specifications for trading.
NCDEX Futures contracts were closed due to India Govt. BIS norms implications order. As per a government order, long steel manufacturers will have to mandatory comply with the specific norms prescribed by Bureau of Indian Standards (BIS) from September 12 2012 and would have to carry the standard mark.
Market sources believe that NCDEX will give direction to secondary steel trading by its benchmark prices and will provide hedging tool. However any official confirmation on contract launch is not yet announced.
MCX steel contract (STEELRPR) will also do their first delivery in 20 Dec-2012.
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