MCX signs MoU with OreTeam for Developing Iron Ore Futures Market in India
Multi Commodity Exchange of India (MCX) has signed a MoU with OreTeam, a leading information and price provider for the Indian iron ore industry. This cooperation will enable us in growing and developing the iron ore derivatives market in India, and bestowing the advantages of an efficient derivatives market to the entire spectrum of Indian iron ore and steel industry users.
The launch of iron ore futures has enabled the industry to use a more transparent and market-based mechanism for iron ore price discovery and price risk management. Iron ore being one of the most important commodities in the world today, and India, as one of the world’s leading exporters, is well poised to seize this opportunity to create its indigenous iron ore benchmark price.
Mr. Lamon Rutten, MD & CEO, MCX said: “India is the world’s third-largest iron ore supplier and plays a significant role in the world iron ore industry. This partnership with OreTeam will go a long way in creating a market-driven benchmark for the Indian iron ore industry and also for those nations importing iron ore from India, mainly China which is the world’s largest importer of iron ore.”
Mr. A. K. Verma, Director, OreTeam, said: “As the pioneer in iron ore market intelligence in India, OreTeam feels privileged to work with MCX in creating the most efficient price discovery and price risk management platform for the Indian iron ore industry. Market participants will get an opportunity to hedge their price risks against the volatility of the physical market.”