MCX inks MoU with OreTeam for developing iron ore futures mkt

Mumbai, Feb 7 (PTI) Multi Commodity Exchange of India(MCX) today announced it has signed an MoU with OreTeam, aleading information and price provider for the Indian iron oreindustry.

This cooperation will enable us in growing anddeveloping the iron ore derivatives market, and bestowing theadvantages of an efficient derivatives market to the entirespectrum of the Indian iron ore and steel industry users, MCXsaid in a statement here.

The launch of iron ore futures has enabled theindustry to use a more transparent and market-based mechanismfor price discovery and risk management, it said.

Iron ore being one of the most important commoditiesin the world today, and India, as one of the world''s leadingexporters, is well poised to seize this opportunity to createits indigenous iron ore benchmark price, the statement said.

"India is the world''s third-largest iron ore supplierand plays a significant role in the iron ore industry. Thispartnership with OreTeam will go a long way in creating amarket-driven benchmark for the Indian iron ore industry andalso for those nations importing iron ore from India, mainlyChina which is the world''s largest importer of iron ore," MCXMD