Indian Commodity Exchange (ICEX) and The Federation of Indian Mineral Industries (FIMI) have agreed to join hands for promoting the development of iron ore futures market with an aim to establish risk management tools for the industry.

ICEX and FIMI have entered into a memorandum of understanding to mutually share their knowledge and expertise for the growth and development of the iron ore market.

ICEX will organize seminars and training programs in consultation and co-ordination with FIMI.

They plan to jointly work towards spreading the concept of iron ore/other minerals futures trading among the various stake holders/miners and all such connected participants of the ecosystem across the country.

ICEX CEO Sanjay Chandel said that ICEX and FIMI would cooperate to create product awareness and promotion of Iron Ore and other minerals futures trading and its derivatives.

“MMTC, as a major exchange partner on the ICEX platform, will add its physical market expertise for Iron Ore futures as it is very well connected with this segment of iron ore in India,” Chandel said.