Monday, October 18,
Indian Commodity Exchange (ICEX) is expected to launch Iron ore futures contract by December after it receives permission from the market regulator Forward Markets Commission (FMC).
“We are awaiting FMC approval, which is expected shortly. Within month’s time after the approval, we will be able to launch iron ore contract,” ICEX’s Chief Executive Officer (CEO) Sanjay Chandel told PTI here.
This will be the world’s first Iron ore futures contract, whereby traders, miners and importers are expected to participate in a big way, Chandel said, adding that this Iron ore contract is export grade as well, therefore lot of importers have also shown keen interest in the contract.
ICEX has joined hands with Federation of Indian Mineral Industries (FIMI) to promote an efficient Iron ore futures market. MMTC, as a major exchange partner on the ICEX platform, will add its physical market expertise for iIon ore futures as it is well connected with this segment of Iron ore in India.
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