The Indian Commodity Exchange has signed a memorandum of understanding with the Federation of Indian Mineral Industries to develop iron ore futures.
Icex said today (Monday August 6) it had decided to list an iron ore future after determining that there was a need from local market participants to hedge their risk. India is the fourth largest producer of iron ore.
India’s third largest commodity bourse gave no indication of when it would list the commodity futures, but stressed it hoped to be the first exchange to list such a contract.
Two of Icex’s primary shareholders are Indiabulls Financial Services and MMTC, India’s largest iron...