SteelMint’s daily sponge iron, CDRI, index was assessed at INR 36,450/tonne (t) (- INR 200) exw Rourkela on 14 July, 2022.
About 6,300 t of transactions in CDRI were recorded by SteelMint today as against 4,540 t on 13 July.
A correction was seen in semi-finished steel prices in north India due to weak sentiments in the spot market, which prompted sponge suppliers in the region to reduce 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) – Ten trades in the range of INR 36,400-36,550/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 36,452/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eighteen offers reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 36,489/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 36,471/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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