SteelMint’s daily sponge iron, CDRI, index was assessed at INR 34,900/tonne (t) (- INR 300) exw-Rourkela on 23 July, 2022.
About 700 t of transactions were recorded today against 3,500 t on 22 July.
The index fell due to limited trade seen today amid lack of buying interest among participants. Buyers had booked sufficient orders over the past couple of days and hence decided to hold their bids for the short-term.
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 34,800-35,000/t were recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 34,929/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 34,900/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 34,915/t, rounded to INR 34,900/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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