SteelMint’s daily sponge iron, CDRI, index is assessed at INR 37,500/tonne (t) (- INR 100) exw Rourkela on 9 Apr’22.
About 1,300 t of transactions in CDRI were recorded by SteelMint today as against 900 t on 8 April.
The index fell slightly on limited trades over the past couple of days. There was lack of confidence among market participants about price movements. Thus, spot trades continued to remain low.
Buyers are booking material as per requirement as price are falling continuously, 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) – Five 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 37,500/t, and one deal each at INR 37,600/t, and INR 37,400/t. The average price of these five transactions was INR 37,508/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 37,500/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 37,504/t, rounded to INR 37,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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