The Indian Exchange of Metal Limited (IEM) and NCDEX Spot Exchange Limited (NSPOT) and have come together to create an online, electronic trading of steel products in the spot market. The spot exchange aims to create a transparent mechanism to discover the prices of various steel products in the Indian market and also enable the participants in the steel market value chain to conduct their business in a hassle free manner.

The combination of NCDEX’s experience in creating and managing electronic online trading along with the concomitant risk management systems and clearing process along with IEM’s experience in the steel trade and the physical handling will immensely contribute in building an active, liquid and a vibrant spot price discovery platform for steel in India and also be a benchmark for steel pricing.