BEAM inks pact with Steel Users Federation of India
BSE E-Agricultural Markets Ltd. (BEAM) has signed a Memorandum of Understanding (MoU) with the Steel Users Federation of India (SUFI). 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 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.Commenting on this association, Shri. Ashishkumar Chauhan, MD and CEO, BSE said, “This strategic collaboration would help increase the overall competitiveness of steel sector and is likely to fill the gap of an organized steel e-spot markets in the country. Besides, it would give an edge to more than a lakh steel MSMEs in the country. SUFI is able to bring various stakeholders of the steel industry on a common platform and is marching towards achieving its objective - higher per capita consumption of steel and promoting growth and excellence in the industry.”
Commenting on the development Shri. Nikunj Turakhia, Preseident Steel Users Federation of India (SUFI) 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.”
Shri. Rajesh Sinha, CEO, BEAM said, "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."