NCDEX to launch revised Steel Long contracts by Oct end – Sources

NCDEX will launch revised Steel Long contracts in compliance
with the BIS standards. The November contract for Steel Long is expected to be
launched by late October with revised specifications.

According to some sources, “The contracts will be
re-launched with revised specifications. However, the delivery center will probably
remain same as Ghaziabad. Moreover, the price determination of the contract will
be based on spot price pooling of BIS standard products.”

However, when asked to comment on the same, NCDEX officials
denied saying anything now.

Market participants expect the prices of BIS standard
material to be more by Rs 800-1000/MT as against the non-BIS material.

Govt. had recently extended the deadline for registration of
BIS standard by 40 days, market expect BIS trading from 27 Oct. And, it is
believed that till date, 317 Induction furnaces in all over India have either
attained BIS certification or are in the process of attaining the same. More
furnaces are also likely to register themselves by utmost 27^th of
October.