SteelMint’s daily sponge iron, CDRI, index is assessed at INR 40,150/tonne (t) (- INR 50) exw Rourkela on 2 Apr’22.
About 2,700 t of transactions in CDRI were recorded by SteelMint today as against 3,000 t on 1 April.
Although the index fell, a sizeable volume of trade was heard concluded during the day.
Several deals were reported to Mandi Gobindgarh, Durgapur and Patna, SteelMint learnt from sources.
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) – Six trades were recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which three trades were recorded at INR 40,000/t, two deals at INR 40,300/t, and one at INR 40,200/t. The average price of these six transactions was INR 40,170/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 40,125/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 40,148/t, rounded to INR 40,150/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
Leave a Reply