Friday, February 04,
Within days of its launch, India’s iron ore futures have garnered interest from overseas buyers and sellers of the mineral.
India Commodity Exchange (ICEX), one of the first to launch the future delivery contract, said it now aims to settle even overseas delivery obligations through Indian ports.
“We are probably first exchange in the world to introduce iron ore futures. Within three days of launching contracts in the mineral, we are getting enquiries for delivery from abroad,” said Rajnikant Patel, whole-time director of ICEX.
“Delivery enquiries were from mining firms in China and Australia while hedging interests were shown by some delivery agents of global steel companies. We are considering these enquiries positively as our prices are the most competitive,” said Patel.
Four days from its launch, on ICEX, iron ore futures three-month delivery contracts totaled to 115,600 tonne. Iron ore futures prices after Thursday’s trade stood at Rs 7,946 per tonne after it opened on the exchange at Rs 8,036 per tonne on launch.
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