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Regulator Forward Markets Commission is examining an Indian Commodity Exchange (ICEX) proposal to launch iron ore futures and considers it feasible, a top official said late on Tuesday."We are examining the proposal and I think the iron ore futures contract will be feasible," B.C Khatua, chairman, Forward Markets Commission told Reuters."We have to ensure that the physical market and trade participants are involved. If well developed, this could be a success."ICEX, the country's third biggest commodity bourse by turnover, had in June said it will approach FMC to get approval to launch the country's first iron ore futures. Iron ore is the key steel-making ingredient.ICEX is owned by firms such as Indiabulls Financial Services Ltd. and the state-run MMTC Ltd., India's largest iron ore supplier, handling about 15 percent of total exports.For a graphic on India's iron ore exports, double click:http://graphics.thomsonreuters.com/10/IN_IRNORPR0510.gifFor a graphic on global steel production, see:http://graphics.thomsonreuters.com/10/GLB_STL0610.gifFor a graphic on world crude steel production, see:http://graphics.thomsonreuters.com/10/GLB_STLPR0610.gifIndia, the world's third biggest exporter, shipped about 106 million tonnes of iron ore last year, and most of it landed in China, home to the largest steel industry in the world.(Reporting by Sourav Mishra; Editing by Harish Nambiar)
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