Trading system

NCDEX Trading System

Trading symbol

SPGIRNRPR

Basis

Ex-Warehouse at Raipur (exclusive of all taxes and duties)

Unit of trading

20 MT

Delivery unit

20 MT

Quotation/base value

Rs per MT

Tick size

Re.1/- per MT

Quality specification

Sponge Iron lumps

Packing in HDPE bags only

Quantity variation

+/- 3% or 5 MT, whichever is lower

Delivery center

Raipur (within 50 kms of the municipal limits of Raipur)

Hours of trading

As per directions of the Forward Markets Commission from time to time, currently -

Mondays through Fridays :
10:00 a. m. to 11:55 p.m.

Saturdays : 10.00 a.m. to 2.00 p.m.

On the expiry date, contracts expiring on that day will not be available for trading after 5 PM

Delivery specification

Upon expiry of the contract, the delivery position would be arrived at by the Exchange based on the information to give/take delivery furnished by the sellers and buyers as per the process put in place by the Exchange for effecting physical delivery

No. of active contracts

Minimum 2 contracts and maximum 12 contracts running concurrently

Opening of contracts

Trading in any contract month will open on the 10th day of the month. If the 10th 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, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange

Closing of contract

All open positions for which delivery intentions have not been received or for which delivery intentions have been tendered but remain unmatched for want of counterparty to settle delivery, will be cash settled at Final Settlement Price on the expiry of the contract

Price band

Daily Price fluctuation limit will be 4 %. On the first day, the limit on daily price fluctuation will be reckoned with reference to the opening price. If the trade hits this price limit, trading would stop for 15 minutes. Thereafter, the price limit would be extended by another (+)/(-) 2%. No trade would be permitted during the day beyond the revised price limit of (+)/(-) 6%. On the second and subsequent days of trade, the daily price fluctuation limit will be reckoned with reference to the mark-to -market rate of the previous closing day

Position limits

Member-wise: 100,000 MT, or 20% of the market wide open interest whichever is higherClient-wise: 25,000 MT

The above limits will not apply to bonafide hedgers. For bonafide hedgers, the Exchange will, on a case to case basis, decide the hedge limits

Near month limits:

Member-wise: 20,000
MTClient-wise: 5,000 MT
The near month limit will apply from 28 days prior to expiry of contract.

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-day 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.