SteelMint’s daily sponge iron, CDRI, index was assessed at INR 36,100/tonne (t) (- INR 350) exw Rourkela on 15 July, 2022.
About 1,200 t of transactions in CDRI were recorded by SteelMint today as against 6,300 t on 14 July.
The index fell on limited trade due to lack of buying interest. Buyers booked sufficient orders over the past few days but have now moved to the sidelines.
Buying interest in the semi-finished steel market also remained dull today. Thus, spot buying interest was weak today, sources informed SteelMint.
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 in the range of INR 36,000-36,500/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 36,078/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 36,154/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 36,116/t, rounded to INR 36,100/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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