SteelMint’s daily sponge iron, CDRI, index was assessed at INR 36,550/tonne (t) (- INR 200) exw Rourkela on 19 August, 2022.
About 700 t of transactions in CDRI were recorded by SteelMint today against 1,340 t on 18 August.
The index fell as most participants were inactive due to the Janmashtami festival. Prices, on a d-o-d basis decreased along with spot trading which dropped even further.
The majority of participants remained away, saying they were waiting for the market to stabilise before they would start buying again.
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) – Two trades in the range of INR 36,500-36,700/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 36,557/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twenty two offers reported in the trading window and considered as T2 inputs. The average price of these twenty two was INR 36,568/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 36,563/t, rounded to INR 36,550/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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