SteelMint’s daily sponge iron, CDRI, index is assessed at INR 36,550/tonne (t) (- INR 450) exw-Rourkela on 27 April 2022.
About 1,850 t of transactions in CDRI were recorded by SteelMint today against 2,300 t on 26 April.
The index edged down on sluggish demand and continued drop in prices in the first half today.
However, in the second half of the trading session, offers improved amidst the sudden rise in prices, especially in the Punjab market.
Limited participation was seen throughout the day as major buyers held their bids. Thus, spot trades declined compared to yesterday.
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 36,300-36,700/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 36,567/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 36,517/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 36,542/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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