SteelMint: Rourkela sponge iron index fall on limited trades - 30 Mar

SteelMint's daily sponge iron, CDRI, index is assessed at INR 40,000/tonne (t) (- INR 250) exw Rourkela on 30 Mar'22.

About 405 t of transactions in CDRI were recorded by SteelMint todayas against 650 t on 29 Mar.

The index moved downwards as bids dropped by around INR 500/t as against floated offers by the suppliers.

Also, uncertain price movements ahead of the fiscal year-end remained one of the key factors behind the drop in trade volumes over the past couple of days.

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 were recorded in the 11:30 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which one trade was recorded at INR 40,300/t, and one deal at INR 40,000/t. The average price of these two transactions was INR 40,000/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Nineteen offers reported in the trading window and considered as T2 inputs. The average price of these nineteen was INR 40,006/t and given a 50% weightage in the final price calculation.
  
  

The final price for sponge CDRI exw Rourkela was at INR 40,003/t, rounded to INR 40,000/t exw.

Click for detailed methodology

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