SteelMint’s daily sponge iron, CDRI, index is assessed at INR 43,600/tonne (t) (- INR 300) exw Rourkela on 10 Mar’22.
About 1,400 t of transactions in CDRI were recorded by SteelMint today as against 1,670 t on 9 Mar.
The index moved down on persistent weak demand. Limited buying interest was also seen in the semi-finished steel market today. Thus, spot buying interest remained dull today, 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) – Three 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 one trade was recorded at INR 44,000/t, and one deal each at INR 43,700/t, and INR 42,900/t. The average price of these three transactions was INR 43,700/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twenty offers reported in the trading window and considered as T2 inputs. The average price of these twenty was INR 43,514/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 43,607/t, rounded to INR 43,600/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
Leave a Reply