SteelMint’s daily sponge iron, CDRI, index is assessed at INR 37,150/tonne (t) (- INR 150) exw Rourkela on 2 May’22.
About 1,200 t of transactions in CDRI were recorded by SteelMint today against 500 t on 30 Apr.
The index fell on account of limited trades and only needs-based bookings took place. Buying interest in the semi-finished steel market remained dull today. Thus, spot buying interest totally hinges on the requirements of market participants, sources informed SteelMint.
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) – Five trades in the range of INR 36,900-37,500/t were recorded during the 12:30 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 37,120/t which is given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 37,167/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 37,143/t, rounded to INR 37,150/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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