SteelMint’s daily sponge iron, CDRI, index is assessed at INR 38,950/tonne (t) (- INR 350) exw Rourkela on 22 Apr’22.
About 1,100 t of transactions in CDRI were recorded by SteelMint today as against 3,350 t on 21 Apr.
The index moved lower owing to weak buying and price correction in semi-finished steel throughout the day. Hence, low spot trading was reported.
Trade volumes fell over 67% on cautious buying. Buyers remained quiet on account of unclear market trends, 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) – Three trades in the range of INR 38,900-39,000/t were recorded during the 11:30 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 38,927/t which is given a 50% weightage in the final price calculation
- Other Price Indicators – bids/offers/indicative (T2) – Twenty one offers reported in the trading window and considered as T2 inputs. The average price of these 21 was INR 38,987/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 38,957/t, rounded to INR 38,950/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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