SteelMint’s daily sponge iron, CDRI, index was assessed at INR 35,200/tonne (t) (+ INR 100) exw Rourkela on 22 July, 2022.
About 3,500 t of transactions in CDRI were recorded by SteelMint today as against 2,100 t on 21 July.
The index rose following a slight improvement in demand. Spot trades were reported on a higher side compared to yesterday. However, they remained low as against average deals in the spot market.
A significant rise in steel prices in Punjab in the first half of today’s trading session nudged suppliers to keep offers higher.
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) – Nine trades in the range of INR 35,000-35,400/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 35,192/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 35,200/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 35,196/t, rounded to INR 35,200/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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