PTC India has emerged as the latest entrant in the race to set up India’s first regulated mineral exchange, joining the Multi Commodity Exchange of India (MCX) as the government seeks to create an electronic marketplace to improve price discovery, make mineral prices more transparent and bring buyers and sellers onto a common platform.
PTC India’s board approved a wholly owned subsidiary for the venture on October 26, following MCX’s incorporation of its own mineral exchange subsidiary earlier this month. With two publicly known prospective entrants, the race now turns on regulatory approval and the ability to attract miners, traders and industrial buyers. Applications are due by November 2.
Mines Ministry Additional Secretary Veena Kumari Dermal told Moneycontrol on September 22 that the first mineral exchange was expected to be registered and operationalised in FY28.
The exchange will initially facilitate trading in all or any of five minerals: iron ore, chromite, bauxite, limestone and manganese. Iron ore is a key raw material for steelmaking, while chromite is used to produce ferrochrome, which gives stainless steel its corrosion resistance. Bauxite is the primary source of aluminium, limestone is used in cement and steelmaking, and manganese is used to improve steel strength.
Other eligible minerals can be added later with the Indian Bureau of Mines’ (IBM) approval, the government stated.