TL:DR
BigMint logo 3-year strategic tie-up with NCDEX to bring in transparency in steel scrap prices
New market opportunity: The agreement supports proposed steel scrap derivatives and could expand NCDEX’s business.
Financial performance: NCDEX had reported total income of Rs. 153.37 crore and loss of Rs. 46.24 crore in FY26.
Share price impact: The deal may aid long-term growth but its impact on NCDEX unlisted share price is yet to be seen.
Introduction
National Commodity & Derivatives Exchange Limited (NCDEX) has inked a three-year strategic pact with BigMint Technologies to boost price transparency in India’s steel scrap market. Announced on 5 November 2026, the deal will help establish a firm pricing benchmark for planned steel scrap derivatives contracts.
The move comes as NCDEX is looking to expand its footprint across commodity markets and explore newer opportunities beyond its traditional business of agricultural derivatives.
Monitoring this partnership can expand the product range of the exchange and create more opportunities for business and is something investors tracking the NCDEX unlisted share price should be watching.But the economic effect will depend on the successful launch of the proposed contracts and the trading activity they will generate.
Key Points on NCDEX & BigMint Partnership
Under the agreement, BigMint will independently assess the daily spot price of steel scrap.These assessments will be used as reference prices for final settlement of steel scrap derivatives contracts that NCDEX plans to launch.
The partnership addresses a key challenge in India’s steel industry where scrap prices can vary based on the quality, location, availability and demand for the material.
Key details of the agreement
Particulars | Details |
Companies involved | NCDEX Limited and BigMint Technologies Private Limited |
Announcement date | 5 November 2026 |
Agreement duration | Three years |
Primary objective | Improve steel scrap price discovery and transparency |
BigMint's responsibility | Daily spot price assessments, benchmark development and market data |
Proposed product | Exchange-traded steel scrap derivatives |
Settlement mechanism | Reference prices based on BigMint's assessments |
Expected beneficiaries | Steel manufacturers, recyclers, importers, traders and stockists |
Contract launch | Not announced as of 5 November 2026 |
Source: ET dated 5th November 2026
The Deal's Importance to India's Steel Market
The Indian steel industry uses steel scrap as raw material especially in electric arc furnace and induction furnace steelmaking. But the price you get for scrap can vary wildly, depending on international steel markets, import costs, currency fluctuations and domestic demand.
Steel makers have trouble calculating production costs and planning purchases due to the variations.Traders and recyclers are also faced with uncertainty with prices swinging wildly between buying and selling stages.
NCDEX and BigMint have joined forces to develop a more structured process for price discovery and management of steel scrap price risks.
For example, a steel manufacturer purchasing large quantities of scrap may face higher costs when market prices increase unexpectedly. A functioning derivatives market could allow the manufacturer to hedge part of that exposure instead of depending entirely on prevailing physical-market prices. Similarly, scrap suppliers could use an appropriate futures contract to manage risks associated with falling prices.
The arrangement is therefore not limited to publishing market prices. It could eventually support a more structured market in which participants can manage their exposure to changing raw material costs. However, the effectiveness of the proposed contracts will depend on market participation, liquidity and the extent to which the benchmark reflects actual physical-market conditions.
What Does the Partnership Mean for NCDEX Unlisted Shares?
“This partnership with NCDEX is a possible business expansion opportunity for unlisted shares investors and not an immediate money-making opportunity,” BigMint said.
NCDEX has had a strong presence in agricultural commodity derivatives in the past.The company could expand its product offering by adding more commodities, thereby attracting participants from other industries.
Three business implications may occur.
1. Other commodities growth
The proposed steel scrap derivatives could bring NCDEX closer to more steel manufacturers, metal recyclers, importers and industrial traders. The contracts, if accepted, could widen the exchange’s customer base and reduce its reliance on current commodity lines.
2. Ability to create trade activity
The business model of commodity exchanges depends on the participation of market players and the trading activity. A successful steel scrap futures contract would add to exchange activity and may provide transaction-related income. But will be dependent on contract volumes and applicable fees and operating costs.
3. Better positioning in commodity price discovery
NCDEX could partner with a reputed price reporting agency like BigMint to build credible settlement benchmarks for industrial commodities.This could help the exchange in its wider efforts to create new products and solidify its position in India's financial market infrastructure.
But even with these opportunities, the partnership does not guarantee any increase in the unlisted share price of NCDEX.Investors will have to assess the company’s financial results and the commercial results of its expansion projects.
NCDEX FY25 vs FY26 Financial Results
Financial metric | FY 2024–25 | FY 2025–26 |
Revenue from operations | Rs. 88.19 crore | Rs. 90.44 crore |
Other income | Rs. 33.87 crore | Rs. 62.93 crore |
Total income | Rs. 122.06 crore | Rs. 153.37 crore |
Total expenses | Rs. 197.01 crore | Rs. 219.88 crore |
Profit/(loss) before tax | Rs. 278.82 crore | Rs. -63.99 crore |
Consolidated profit/(loss) after tax | Rs. 236.09 crore | Rs. -46.24 crore |
Source: NCDEX FY26 Financial Statements, compiled by Wealth Wisdom India. Figures are consolidated and rounded to two decimal places.
Conclusion
The three-year partnership between NCDEX and BigMint is a major development in the exchange’s efforts to grow its commodity derivatives business.The collaboration seeks to reduce price uncertainty and provide a more structured mechanism for managing risk in the Indian steel industry through independently assessed steel scrap price benchmarks.
For the investors tracking the NCDEX unlisted share price, the pact offers a potential long term business opportunity. “However, the impact on NCDEX’s earnings and valuation will depend on the successful launch of the proposed contracts and the market acceptance of the same,” he said.
NCDEX has reported loss in FY26. But investors should not get swayed by the announcement and should check out the company’s operating performance, trading activity and profitability before weighing its investment potential.
FAQs
NCDEX unlisted share price?
The unlisted share price of NCDEX varies from dealer to dealer with indicative quotes on different platforms of Rs. 248.
Explain the NCDEX and BigMint partnership?
NCDEX and BigMint have signed a three-year pact to develop price benchmarks for steel scrap for proposed exchange-traded derivatives.
How will the BigMint deal affect NCDEX unlisted shares?
The partnership may help with future business growth but it is not clear how it will impact valuation of NCDEX’s unlisted shares.
Has NCDEX launched steel scrap futures contracts?
No, the steel scrap futures contracts have only been announced but not launched.
Is NCDEX listed on NSE or BSE?
No, the equity shares of NCDEX are not listed and are traded off the market.
