India: Rourkela sponge iron index falls as bids edge lower - 20 Apr

SteelMint's daily sponge iron, CDRI, index is assessed at INR 39,450/tonne (t) (-INR 450) exw Rourkela on 20 April 2022.

About 1,300 t of transactions in CDRI were recorded by SteelMint today against 1,350 t on 19 April.

The index moved downwards as bids were lower by around INR 500-1,000/t against floated offers of the suppliers.

Moreover, the uncertain price movement remained the key factor behind the drop in trade volumes over the past couple of days.

Rationale -

This index is 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) - Three trades in the range of INR 39,500-39,700/t were recorded during the 11:30 am to 5:30 pm SteelMint trading window and are considered for final price calculation as T1 inputs. The average of these transactions was INR 39,577/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Nineteen offers reported in the trading window that are considered as T2 inputs. The average price of these nineteen offers was INR 39,341/t and were given a 50% weightage in the final price calculation.
  
  

The final price for sponge CDRI exw Rourkela was at INR 39,459/t, rounded to INR 39,450/t exw.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology