NCDEX and BigMint Partner for Transparent Steel Scrap Prices
Steel

NCDEX and BigMint Partner for Transparent Steel Scrap Prices

Mumbai: Commodity exchange NCDEX has entered into a three-year strategic collaboration with BigMint Technologies, known as BigMint, to develop transparent spot price benchmarks for steel scrap derivatives in India. The partnership is intended to improve market credibility and provide participants with a dependable mechanism for managing price risk.

Under the Memorandum of Understanding, BigMint’s daily spot price assessment for steel scrap will serve as the reference price for the final settlement of steel scrap derivative contracts that NCDEX plans to launch. The arrangement will link the proposed exchange-traded contracts to an independent assessment of physical market prices.

BigMint will oversee benchmark development, market data collection, grade normalisation and price assessment processes. Its assessment framework is expected to support greater transparency and consistency in the settlement mechanism, while providing market participants with a clearer basis for evaluating steel scrap prices.

The two organisations will also undertake member awareness programmes, broker outreach and initiatives aimed at building liquidity for the contract. These activities are intended to encourage participation and strengthen the connection between the physical steel scrap market and the proposed derivatives segment.

NCDEX managing director and chief executive Vikas Goel said the credibility of a derivatives contract depends on the price against which it is settled. He said the collaboration would anchor the planned steel scrap contracts to an independent, transparent and IOSCO-aligned benchmark, and would complement the existing physical market by helping participants manage price risk. The partnership is expected to contribute to a more resilient steel ecosystem in India.

Mumbai: Commodity exchange NCDEX has entered into a three-year strategic collaboration with BigMint Technologies, known as BigMint, to develop transparent spot price benchmarks for steel scrap derivatives in India. The partnership is intended to improve market credibility and provide participants with a dependable mechanism for managing price risk. Under the Memorandum of Understanding, BigMint’s daily spot price assessment for steel scrap will serve as the reference price for the final settlement of steel scrap derivative contracts that NCDEX plans to launch. The arrangement will link the proposed exchange-traded contracts to an independent assessment of physical market prices. BigMint will oversee benchmark development, market data collection, grade normalisation and price assessment processes. Its assessment framework is expected to support greater transparency and consistency in the settlement mechanism, while providing market participants with a clearer basis for evaluating steel scrap prices. The two organisations will also undertake member awareness programmes, broker outreach and initiatives aimed at building liquidity for the contract. These activities are intended to encourage participation and strengthen the connection between the physical steel scrap market and the proposed derivatives segment. NCDEX managing director and chief executive Vikas Goel said the credibility of a derivatives contract depends on the price against which it is settled. He said the collaboration would anchor the planned steel scrap contracts to an independent, transparent and IOSCO-aligned benchmark, and would complement the existing physical market by helping participants manage price risk. The partnership is expected to contribute to a more resilient steel ecosystem in India.

Related Stories

Gold Stories

Next Story
Resources

Prateek Foundation Aakaar celebrates Diwali with children in Noida

Prateek Foundation Aakaar, the community initiative of Prateek Group, organised a Diwali celebration for children at Saikripa, Noida, on 4 November 2026. The one-hour programme brought together members of the foundation and children for an afternoon of creative and recreational activities.The celebration included diya painting, games and interactive sessions, with children designing and decorating diyas. The activities were aimed at encouraging creativity and providing an opportunity for the children to participate in the festive celebrations.Prateek Tiwari, Managing Director, Prateek Group, s..

Next Story
Equipment

Shakti Pumps signs MoU with ISA to expand solar water pumping

Shakti Pumps (India) signed a Memorandum of Understanding (MoU) with the International Solar Alliance (ISA) to strengthen international collaboration and accelerate the adoption of solar water pumping solutions. The agreement was signed by Ashish Khanna, Director General, ISA, and Ramesh Patidar, Managing Director, Shakti Pumps, alongside the ninth ISA Session at the Bharat Renewable Energy Summit and Expo (BRES) 2026, held at Bharat Mandapam, New Delhi.At the summit, Shakti Pumps showcased its integrated renewable energy portfolio, including solar pumping systems, rooftop solar solutions unde..

Next Story
Real Estate

Worli-Lower Parel gains ground as Mumbai’s commercial hub

Mumbai’s Worli-Lower Parel corridor is gaining prominence as a commercial and luxury residential destination, attracting financial institutions, technology companies and high-net-worth individuals. Infrastructure upgrades, including the Coastal Road and improved transit connectivity, are contributing to the shift in occupier interest from established business districts such as Bandra-Kurla Complex (BKC) and Nariman Point.Recent leasing transactions underline the corridor’s growing commercial appeal. At Marathon Futurex in Lower Parel, three financial firms leased a combined 28,976 sq ft at..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code