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Metaljunction is a TATA Steel and Steel Authority of India Limited (SAIL) promoted company headquartered at Kolkata and specializes in auction sale of coal and steel through its e-commerce websites. metaljunction has sold over four million tonnes of steel and eight million tonnes of coal through its platform.
NCDEX is an electronic exchange with futures contract traded in energy, metals, bullion and agriculture. NCDEX and metaljunction would work towards forming pricing benchmarks in domestic and imported coal. They would subsequently work in market development of various the other commodities.
At this occasion Mr. P H Ravikumar, CEO & MD of NCDEX said ‘’NCDEX is very happy to work with metaljunction. This tie up will help in development of spot and futures coal market and trading in coal. Both the companies will work on an innovative concept of coal index which will be a proxy of a basket of different domestic varieties of coal .We look forward to a long and lasting relationship with metaljunction
Mr. Viresh Oberoi, Managing Director, metaljunction services limited, added, “We are delighted in partnering NCDEX to jointly develop pricing benchmarks for commodities. This is a first step in bringing about greater convergence between Futures Markets and Spot Markets of coal and steel and providing producers and consumers the opportunity of hedging risks associated with price volatility.”
India at present has virtually no pricing benchmarks in coal and a host of other commodities due to lack of organized spot markets. metaljunction is already active in e-auctioning of coal and steel and could be used as an ideal vehicle for developing spot markets in a variety of products.
