SteelMint’s daily sponge iron, CDRI, index is assessed at INR 38,000/tonne (t) (- INR 50) exw Rourkela on 16 Apr’22.
About 2,200 t of transactions in CDRI were recorded by SteelMint today as against 6,700 t on 15 Apr.
The index fell slightly today after rising continuously for the last few days on limited enquiries and also due to the fact that sufficient bookings happening beforehand resulted in thin trading today. As a result, prices edged down, 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. All the five trades were recorded at INR 38,000/t. The average price of these five transactions was INR 38,000/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 37,978/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 37,989/t, rounded to INR 38,000/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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