| Date: |
30-03-2011 |
| Subject: |
Iron Ore Prices Slump By 10pct In India |
|
The Multi Commodity Exchange of India has received permission from the commodity markets regulator, the Forward Markets Commission, to launch an iron ore futures contract in Mumbai.
India’s metal and energy exchange MCX has already commenced trading in iron ore futures. This is the country's first commodity exchange to launch the contract. MCX's iron ore contract is designed to be the true benchmark of the Indian iron ore fines export market.
Mr Lamon Rutten MD of MCX said that “The MCX iron ore futures contract will give all market participants an opportunity to hedge their price risks against the volatility of the physical market.”
The official said that “MCX's iron ore futures contract will go a long way in creating a market-driven benchmark for the entire industry and also for those nations importing iron ore from India, mainly China, which is the world's largest importer.”
Source : steelguru.com
|