SteelMint’s daily sponge iron, CDRI, index is assessed at INR 35,050/tonne (t) (-150) exw Rourkela on 11 Feb’22.
About 2,250 t of transactions in CDRI were recorded by SteelMint today against 2,150 t on 10 Feb.
The index moved down owing to weak buying and price corrections in semi-finished steel throughout the day. Hence, buyers held back from taking positions amidst unclear trend, sources informed SteelMint.
Rationale –
This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.
- Transactions (T1) – Nine trades were recorded in the 11:30 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which six trades were recorded at INR 35,000/t, two deals at INR 35,500/t, and one deal at INR 35,200/t. The average price of these nine transactions was INR 35,028/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 35,046/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 35,037/t, rounded to INR 35,050/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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