SteelMint: Rourkela sponge iron index continues to inch up on active buying - 24 Jun

SteelMint's daily sponge iron, CDRI, index was assessed at INR 32,600/tonne (t) (+ INR 100) exw Rourkela on 24 June, 2022.

About 5,100 t of transactions in CDRI were recorded by SteelMint today as against 4,720 t on 23 June.

The index rose due to active demand and higher offers floated by the suppliers. Producers kept prices higher as several deals took place today, sources informed SteelMint.

Looking at this positive turn in the market, buyers have started taking positions which led to the rise in trade volumes.

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) - Twelve trades in the range of INR 32,400-33,000/t were recorded during the 11:30 am to 5:00 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 32,507/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 32,710/t and given a 50% weightage in the final price calculation.
  
  

The final price for sponge CDRI exw Rourkela was at INR 32,609/t, rounded to INR 32,600/t exw.

Click for detailed methodology

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