Multi Commodity Exchange of India (MCX) on May 8 received approval from the Securities and Exchange Board of India to launch futures contracts in steel rebars.
These contracts will have a trading unit of 5 tons with a quotation value for one ton.
The price quote for the steel rebar futures contract will be ex-warehouse at Raipur district in Chhattisgarh, with additional delivery centers in Thane (Maharashtra), Palwal (Haryana), Chennai (Tamil Nadu), and Durgapur (West Bengal).
The move is aimed to provide market participants with a new tool to manage price risks and meet their hedging requirements.
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