Steel City's new foray

The Vizag-based Steel City Group has made its foray into the commodities trading business by taking a membership in the National Commodity and Derivatives Exchange Limited (NCDEL).

Steel City floated a separate company christened 'Steel City Commodities Private Limited', and started trading commodities like gold, and silver apart from agro products like soybeans, refined soya oil, mustard oil and other products online from last week.

"Steel City is the first company from Vizag to take a membership in NCDEL. We are expecting a good turnover through this commodity exchange during the next fiscal," said G Raja Gopal Reddy, the executive director of the company.