Tuesday, February 01,
The world’s first iron ore futures contracts attracted small exporters in their first two days of trade in India.
“We were surprised to get speculators and physical market players, and some of the big names are already trading in our contracts,” said, Sanjay Chandel, chief executive officer at Indian Commodity Exchange (ICEX).
The most actively traded Indian ore contract on ICEX, which promises 62 percent iron content for March delivery, had gained 0.05 percent to trade at 7,269 rupees per dry metric tonne (DMT), cost and freight (CFR) delivered to China.
Chandel expects more corporate participation in the near-term. “Going forward, we are bullish on the commodity, as far as turnover is concerned. Many miners and exporters are already our members. There are many waiting on the fence. They have plans, and discussions are on,” said Chandel.
Iron ore exporters Phulchand Exports and Bagadiya Brothers have taken membership with the exchanges, a source at an exchange dealing in the commodity said. Company officials declined to comment.