{
  "id": 19498289,
  "title": "NCDEX to launch first-ever PRA-based steel scrap futures",
  "url": "https://urgent.news/2026/11/11/ncdex-to-launch-first-ever-pra-based-steel-scrap-futures",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-11T13:06:14.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/commodities/ncdex-to-launch-first-ever-pra-based-steel-scrap-futures/article71689718.ece"
  },
  "original_language": "en",
  "account": "NCDEX, a commodity-focused exchange, has introduced its inaugural Price Reporting Agency (PRA)-based futures contract for steel scrap. This represents the first-ever futures contract of its kind within the steel scrap sector, aiming to establish a credible market-linked benchmark and an organized hedging mechanism. The contract focuses on HMS 80:20, a widely recognized grade consisting of 80% Heavy Melting Scrap Grade 1 and 20% Heavy Melting Scrap Grade 2. HMS 80:20 is among the most referenced scrap grades in international markets and serves as a benchmark import grade in Asian markets.\n\nThe launch of this contract comes after NCDEX signed a Memorandum of Understanding (MoU) with BigMint Technologies, a prominent commodity market intelligence and price reporting agency. BigMint will serve as the price reference agency for the new PRA-based futures contract. The cash-settled contract will have a trading unit of 10 tonnes, with a maximum order size of 500 tonnes. The tick size will be ₹10 per tonne, and the basis center will be ex-mandi Gobindgarh, Punjab.\n\nVikas Goel, MD and CEO of NCDEX, emphasized that the introduction of the first-ever PRA-based futures contract in steel scrap highlights the exchange's commitment to market innovation, expanding participation, and creating solutions to benefit commodity markets. With domestic scrap generation increasing by 22% year-on-year to 32 million tonnes, and ferrous scrap imports declining by 20%, the segment remains vital to the country's steel value chain.\n\nKedar Deshpande, Chief Business Officer at NCDEX, noted that the domestic steel scrap market is fragmented, with prices varying based on region and grade. The new futures contract addresses this issue by bringing greater transparency to price discovery and providing market participants with an organized avenue to hedge price risk.",
  "summary": "The launch addresses the need for a credible market-linked benchmark and an organised hedging mechanism in the steel scrap segment",
  "key_points": [
    "NCDEX launches first-ever PRA-based steel scrap futures contract.",
    "Contract focuses on HMS 80:20 grade, most referenced in international markets.",
    "BigMint Technologies serves as price reference agency for new contract."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}