NCDEX partners with BigMint to enhance price transparency in steel scrap market

NCDEX (earlier known as National Commodities and Derivatives Exchange Limited) on Thursday announced a three-year strategic collaboration with BigMint Technologies Private Limited (BigMint), a commodity market intelligence and price reporting agency.

The partnership brings an independently assessed, transparent and methodology-driven benchmark to the steel scrap segment where credible price discovery has long been a challenge for steel makers, recyclers, traders and other value chain participants.

Under the Memorandum of Understanding (MoU), BigMint's daily spot price assessment for Steel Scrap will be used as reference price for the final settlement of yet to be launched steel scrap derivatives contracts on the exchange.


Broadly, BigMint’s role will include benchmark development, market data collection, grade normalisation and price assessment processes, supporting transparency and credibility in the settlement mechanism. The two organisations will also support member awareness, broker outreach and liquidity-building initiatives for the contract.

Speaking on the occasion, Vikas Goel, MD and CEO, NCDEX, said, “A derivatives contract is only as credible as the price it settles against. By partnering with BigMint, we are anchoring our steel scrap contracts to an independent, transparent and IOSCO aligned Principles for Financial Benchmarks that the global industries already trust. We believe the partnership will build a sturdier steel ecosystem in India by complementing the existing physical market and providing market participants a dependable way to manage price risk.”

Dhruv Goel, Founder & CEO, BigMint, said, “India’s commodity markets are evolving rapidly, making transparent and reliable price discovery increasingly important. As steel scrap gains significance in India’s transition towards sustainable steelmaking, our partnership with NCDEX marks an important step in launching steel scrap futures contracts. We believe this contract will strengthen market transparency and equip industry participants with better tools for price discovery and risk management.”

India's steel industry is increasingly relying on steel scrap as a key raw material, particularly for Electric Arc Furnace (EAF) and Induction Furnace (IF)-based steel production. Despite its growing significance in the steel value chain, the domestic scrap market has lacked an organised exchange- traded benchmark and a formal hedging mechanism to manage price fluctuations.

Participants, including importers, traders, stockists and steel manufacturers, remain exposed to movements in international prices, freight costs, currency fluctuations and domestic demand-supply dynamics.