SteelMint’s daily sponge iron, CDRI, index is assessed at INR 41,350/tonne (t) (- INR 100) exw Rourkela on 17 Mar’22.
About 640 t of transactions in CDRI were recorded by SteelMint today against 1,600 t on 16 March.
The index fell further on weak demand amidst uncertain price movements in major locations of the country.
Low buying interest ahead of the Holi festival resulted in a slight fall in prices, SteelMint notes.
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 4:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which one trade was recorded at INR 41,850/t, and one deal each at INR 41,500/t, and INR 41,200/t. The average price of these three transactions was INR 41,269/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 41,465/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 41,367/t, rounded to INR 41,350/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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