Open interest in steel contracts sees 40% rise

Kolkata: The open interest in steel contracts on Indian Commodity Exchange (ICEX) has seen a 40 per cent spike in the past four months as industry participants run for cover after steel prices plunged 20 per cent.

The ICEX spot and corresponding futures prices have seen a considerable fall of about 20 per cent from Rs 37,000 per tonne in February this year to Rs 30,000 per tonne in June.