Futures Contract Specifications. Updated as on 15 May 2009
(Applicable for contract expiring in January 2009 to September 2009)
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 ± 100mm
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
The sellers would be required to give their delivery intentions to give delivery at least five days before the maturity of the contract. If the buyer with any outstanding positions at maturity or the seller who has given an option to delivery fail to meet their respective obligations, the penalty structure will be as per circular no. NCDEX/TRADING-091/2007/235 dated October 4, 2007. The operators giving the intention for delivery shall not be allowed to square off their position.
No. of active contracts
As per the annexure 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 outstanding positions not resulting in giving/taking of physical delivery of commodity shall be closed out at the Final Settlement Price announced by the Exchange.
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.
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. 1,000 per MT
The grade premium/discounts would be in addition to the applicable location premium/discounts.
Contract launch calendar
Contract Launch Month
Contract Expiry Month
August 2008
January 2009
September 2008
February 2009
October 2008
March 2009
November 2008
April 2009
December 2008
May 2009
January 2009
June 2009
February 2009
July 2009
March 2009
August 2009
April 2009
September 2009
May 2009
October 2009
June 2009
November 2009
July 2009
December 2009
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.
