Ferrous Metals > Steel Long
 
 
Click Here - Contract Specifications. (Applicable for contract expiring in October 2009 and thereafter)
Click Here - Contract Launch Calendar ( Updated as on 17 July 2009 )
Click Here - Contract Launch Calendar




Futures Contract Specifications. Updated as on 15 May 2009
(Applicable for contract expiring in October 2009 and thereafter)
Type of Contract Futures Contract Specifications
Name of Commodity Steel Long
Ticker symbol STEELLONG
Trading System NCDEX Trading System
Basis Ex-Warehouse Ghaziabad, exclusive of all taxes and duties
Unit of trading 10 MT
Delivery unit 10 MT
Quotation/base value Rs. Per MT
Tick size Rs. 10/- per MT
Quality specification Mild Steel Ingot/Steel Long

Size 3 1/2 * 4 1/2 inch
Carbon content upto 0.3 % max
Manganese min 0.4 %
Sulphur upto 0.06% max
Phosphorus upto 0.09% max
Sulphur + Phosphorous upto 0.14% max
Weight min of 90 Kgs per ingot
Length min of 48 inches per ingot

Ingots without harmful and appreciable hollowness, piping and rising.
Ingots must have reasonably plain surface.
Heat number to be mentioned on each ingot.
Ingots must be free of harmful refractories.
Additional deliverable grade 1)Mild Steel Ingots

Size 3 1/4 * 4 1/4 inch



All other parameters exactly as per the quality specification mentioned above.

2) Mild Steel Billets

Size 100*100 to 130*130 mm
Length 6m ± 200mm



Billets to be free from open and harmful surface defects.
Billets should be suitable for re rolling.
Heat number to be mentioned on each billet.
Mill Test certificate to accompany for each heat.

Chemistry to be the same as mentioned in the quality specifications for MS Ingot.
Quantity variation +/- 3% or 5 MT, whichever is lower
Delivery center Ghaziabad (within 50 kms of the municipal limits of Ghaziabad)
Additional delivery centres Mandi Gobindgarh, Raipur, Mumbai, Chennai, Jharsuguda, Durgapur, Jaipur (within 50 kms from the municipal limits of the additional delivery centres)
Trading hours As per directions of the Forward Markets Commission from time to time, currently-
Monday through Friday: 10:00 AM to 11:30 PM
Saturday: 10.00 AM to 2.00 PM

The Exchange may vary the above timing with due notice
Delivery Specification Upon expiry of the contract all outstanding positions will result in delivery. The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
No. of active contracts As per launch calendar below
Opening of Contracts Trading in any contract month will open on the 10th day of the month. If the opening day happens to be a non-trading day, contracts would open on the next trading day.
Due Date/ Expiry Date 20th day of the delivery month. If 20th happens to be a holiday or non-trading day, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange.
Closing of contract On the expiry of the contract, all the outstanding position would have to be settled by physical delivery.
Price band Daily price fluctuation limit is (+/-) 4%. If the trade hits the prescribed daily price limit there will be a cooling off period for 15 minutes. Trade will be allowed during this cooling off period within the price band. Thereafter the price band would be raised by another 50% of the existing limit i.e. (+/-) 2%. If the price hits the revised price band (6%) again during the day, trade will only be allowed within the revised price band. No trade/order shall be permitted during the day beyond the revised limit of (+/-) 6%.
Position Limits Member–wise: 1,00,000 MT, or 20% of the market wide open interest whichever is higher.
Client–wise: 25,000 MT.
(For hedge limits refer circular no. NCDEX/TRADING-100/2005/219 dated October 20, 2005)
Special Margins Special margin of 4% of the value of the contract will be levied whenever the rise or fall in price exceeds 20% of the 90 days prior settlement price. The margin will be payable by buyer or seller depending on whether price rises or falls respectively. The margins shall stay in force so long as price stays beyond the 20% limit and will be withdrawn as soon as the price is within the 20% band.
Location Premium/Discount Location Premium/Discount would be announced before launch of contracts.

STEEL LONG
Base Grade Additional Grade P/D Applicable to additional grade
Mild Steel Ingots
Size 3 1/2* 4 1/2 inch

Mild Steel Ingots
Size 3 1/4* 4 1/4 inch
No Premium/ Discount
Mild Steel Billets Premium: Rs. 700 per MT

The grade premium/discounts would be in addition to the applicable location premium/discounts.
Delivery Logic Compulsory Delivery

Contract Launch Calendar

Contract Launch Month Contract Expiry Month
August 2009 January 2010
September 2009 February 2010
October 2009 March 2010
November 2009 April 2010
December 2009 May 2010
January 2010 June 2010
February 2010 July 2010
March 2010 August 2010
April 2010 September 2010
May 2010 October 2010
June 2010 November 2010
July 2010 December 2010




Contract Launch Calendar for Steel Long :-

Contract Launch Month Contract Expiry Month
 August 2010  January 2011
 September 2010  February 2011
 October 2010  March 2011
 November 2010  April 2011
 December 2010  May 2011
January 2011 June 2011
February 2011 July 2011
March 2011 August 2011
April 2011 September 2011
May 2011 October 2011
June 2011 November 2011
July 2011 December 2011



Members and market participants who enter into buy and sell transactions may please note that they need to be aware of all the factors that go into the mechanism of trading and clearing, as well as all provisions of the Exchange's Bye Laws, Rules, Regulations, Product Notes, circulars, directives, notifications of the Exchange as well as of the Regulators, Governments and other authorities.

Members and market participants trading on the Exchange in the commodity contracts shall be deemed to be aware of applicable laws and amendments thereof from time to time, including provisions and rates relating to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty, stamp duty, etc., applicable on the underlying commodity of any contract offered for trading.

The Exchange shall not be responsible or liable on account of non compliance by any of the members and market participants of any such applicable laws or any amendments thereof including not being aware of rates of taxes, levies, etc., on the underlying commodity of any contract offered for trading.