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Mumbai-Based, Indian Commodity Exchange Ltd (ICEX) and The Federation of Indian Mineral Industries (FIMI), New Delhi have decided to join hands for promoting the development of an efficient Iron Ore futures market with an aim to establish risk management tools for the industry.
ICEX and FIMI have made significant progress within their own areas for the growth and development of the Iron Ore market. Now, they have entered into a Memorandum of Understanding (MoU) to mutually share their knowledge and expertise in this regard.
"ICEX and FIMI would cooperate to create product awareness and promotion of Iron Ore and other minerals futures trading and its derivatives, " Mr Sanjay Chandel, CEO, ICEX said.
"MMTC, as a major exchange partner on the ICEX platform, will add its physical market expertise for Iron Ore futures as it is very well connected with this segment of iron ore in India," he said.
"This tie-up is intended to increase the awareness of market participants across the board about the various aspects of iron ore as significant commodity in the present arena said Mr. R K Sharma, Secretary General, FIMI.
ICEX in consultation and co-ordination with FIMI, will organize seminars and training programmes and would jointly work towards spreading the concept of Iron Ore/other minerals futures trading among the various stake holders/miners and all such connected participants of the ecosystem across the country.
ICEX is owned by firms such as Indiabulls Financial Services Ltd. and the state-run MMTC Ltd., India's largest iron ore trader.
"FIMI has deep understanding of the mineral industry and has been the torchbearer for the mining industry in the country. There is a need for establishing risk management tools for the industry for which ICEX has made the pioneering steps. This platform will be made available to all spectrums of users and market participants like exporters, producers, miners, traders and processing units," Ashwani Sondhi, Director of ICEX said.
The Federation of Indian Mineral Industries (FIMI), which represents regional mining associations and individual units, is now a 350-member body to promote the interests of mining, mineral processing, metal making and other mineral-based industries and to attend to the problems faced by them in lease grants, renewals, tenures, production, taxation, trade, exports and labor etc.
