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BEAM inks pact with SUFI to help develop e-spot markets for steel

·1-min read

New Delhi, Mar 25 (PTI) BSE E-Agricultural Markets Ltd (BEAM) has joined hands with Steel Users Federation of India (SUFI) to help develop electronic spot markets for steel and enhance efficiencies of such platforms in the country.

In this regard, the two entities have signed a memorandum of understanding (MoU), BSE said in a statement on Thursday.

Leading stock exchange BSE in December 2020 launched BEAM, electronic spot platform for agricultural commodities.

'This strategic association between BEAM and SUFI will help develop electronic spot markets in steel and enhance efficiencies of steel spot markets in the country,' the exchange said.

The MSME sector in steel is an important contributor to India's self-reliance in manufacturing and construction sectors. The market would run SUFI steel contracts leveraging BEAM e-market platform, the exchange said.

'This strategic collaboration would help increase the overall competitiveness of steel sector and is likely to fill the gap of organised steel e-spot markets in the country. Besides, it would give an edge to more than a lakh steel MSMEs in the country,' Ashishkumar Chauhan, MD and CEO, BSE said.

Nikunj Turakhia, President Steel Users Federation of India said, SUFI is working relentlessly for the betterment of its members. Electronic trading of steel in the spot market is the need of the hour.

'Steel e-spot market is likely to help MSME sector become globally competitive leveraging the strengths of BSE in establishing marketplaces. The company would work closely with the MSME sector in steel to further strengthen them,' Rajesh Sinha, CEO, BEAM said.PTI SP ANS ANS