SteelMint’s daily sponge iron, CDRI, index is assessed at INR 36,450/tonne (t) (- INR 50) exw Rourkela on 5 May’22.
About 2,200 t of transactions in CDRI were recorded by SteelMint today against 2,900 t on 4 May.
Although the index fell, a sizeable volume of trade was heard concluded during the day.
Several deals were reported to Mandi Gobindgarh, Durgapur and Patna, SteelMint learnt from sources.
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) – Six 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 36,435/t which is given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 36,414/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 36,425/t, rounded to INR 36,450/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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