SteelMint’s daily sponge iron, CDRI, index was assessed at INR 33,500/tonne (t) (+ INR 400) exw Rourkela on 28 June, 2022.
About 3,120 t of transactions in CDRI were recorded by SteelMint today as against 9,050 t on 27 June.
The index rose further following active demand which led to suppliers keeping sponge iron prices firm. Billet prices in Rourkela increased by INR 550/t exw, d-o-d, sources informed.
However, spot trades were comparatively few compared to yesterday amidst sufficient previous bookings.
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) – Eleven trades in the range of INR 33,100-33,800/t were recorded during the 11:30 am to 5:00 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 33,540/t which is 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 33,467/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 33,504/t, rounded to INR 33,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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