SteelMint’s daily sponge iron, CDRI, index was assessed at INR 35,550/tonne (t) (- INR 550) exw-Rourkela on 16 July, 2022.
About 600 t of transactions were recorded today against 1,200 t on 15 July.
The index slipped as participants waited on the sidelines for clear market direction before taking positions, resulting in weak spot trade and decline in offers.
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 35,600-36,800/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 35,600/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 35,515/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 35,558/t, rounded to INR 35,550/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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