Mumbai, Nov 5 (PTI) Commodity bourse NCDEX Ltd on Thursday announced a three-year strategic collaboration with BigMint Technologies (BigMint) to bring transparent spot price benchmarks to steel scrap derivatives.
Under the Memorandum of Understanding (MoU), BigMint’s daily spot price assessment for Steel Scrap will be used as the reference price for the final settlement of yet-to-be-launched steel scrap derivatives contracts on the exchange.
BigMint’s role will include benchmark development, market data collection, grade normalisation and price assessment processes, supporting transparency and credibility in the settlement mechanism.
The two organisations will also support member awareness, broker outreach and liquidity-building initiatives for
the contract.
“A derivatives contract is only as credible as the price it settles against. By partnering with BigMint, we are anchoring our steel scrap contracts to an independent, transparent and IOSCO-aligned Principles for Financial Benchmarks that the global industries already trust. We believe the partnership will build a sturdier steel ecosystem in India by complementing the existing physical market and providing market participants a dependable way to manage price risk,” NCDEX MD and CEO Vikas Goel said. PTI SM MR
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