SteelMint’s daily sponge iron, CDRI, index is assessed at INR 37,600/tonne (t) (- INR 400) exw Rourkela on 8 Apr’22.
About 900 t of transactions in CDRI were recorded by SteelMint today as against 1,970 t on 7 April.
The index dropped as participants waited for clearer market directions to emerge before taking positions resulting in limited spot trades and the decline in offers.
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 38,000/t, and one deal each at INR 37,800/t, and INR 37,500/t. The average price of these three transactions was INR 37,650/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twenty two offers reported in the trading window and considered as T2 inputs. The average price of these twenty two was INR 37,527/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 37,588/t, rounded to INR 37,600/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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