SteelMint: Limited trade weighs on Rourkela sponge iron index - 16 Jul

SteelMint's daily sponge iron, CDRI, index was assessed at INR 35,550/tonne (t) (- INR 550) exw-Rourkela on 16 July, 2022.

About 600 t of transactions were recorded today against 1,200 t on 15 July.

The index slipped as participants waited on the sidelines for clear market direction before taking positions, resulting in weak spot trade and decline in 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) - Two trades in the range of INR 35,600-36,800/t were recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 35,600/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 35,515/t and given a 50% weightage in the final price calculation.
  
  

The final price for sponge CDRI exw Rourkela was at INR 35,558/t, rounded to INR 35,550/t exw.

Click for detailed methodology

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