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  3. NCDEX - Partners with BigMint to Develop Steel Scrap Price Benchmark

NCDEX - Partners with BigMint to Develop Steel Scrap Price Benchmark

5 Nov 2026

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Key Takeaways

  • The partnership marks NCDEX's effort to expand its commodity derivatives offerings beyond its traditional agricultural commodities business. A credible steel scrap benchmark could strengthen price discovery and create new hedging opportunities for industry participants. The commercial impact for NCDEX will depend on the launch of the contracts, market participation and the trading volumes they generate.

  • The partnership marks NCDEX's effort to expand its commodity derivatives offerings beyond its traditional agricultural commodities business. A credible steel scrap benchmark could strengthen price discovery and create new hedging opportunities for industry participants. The commercial impact for NCDEX will depend on the launch of the contracts, market participation and the trading volumes they generate.

National Commodity & Derivatives Exchange (NCDEX) Unlisted Shares

National Commodity & Derivatives Exchange (NCDEX)

-35.44%

Expert Analysis

Expert Analysis:

  • Strategic Partnership: NCDEX has signed an MoU with BigMint to develop a transparent and reliable pricing benchmark for India's steel scrap market.

  • Benchmark-Based Settlement: BigMint will provide independently assessed daily spot prices for steel scrap, which will serve as the reference price for the final settlement of proposed steel scrap derivatives contracts on NCDEX.

  • Improved Price Discovery: BigMint will support benchmark development through market data collection, grade normalisation and price assessment, addressing the lack of reliable pricing benchmarks in the steel scrap segment.

  • Risk Management Opportunity: The proposed derivatives contracts could help steel manufacturers, recyclers and traders hedge against steel scrap price fluctuations and manage raw material cost uncertainty.

  • Liquidity Development: Both organisations will also undertake member awareness, broker outreach and liquidity-building initiatives to support adoption of the proposed contracts.

Publisher:The Economic Times