SteelMint: Rourkela sponge iron index falls further on low demand - 21 May
SteelMint’s daily sponge iron, CDRI, index is assessed at INR 35,050/tonne (t) (- INR 250) exw-Rourkela on 21 May 2022. About 1,500 t of transactions in CDRI were r...
SteelMint's daily sponge iron, CDRI, index is assessed at INR 35,050/tonne (t) (- INR 250) exw-Rourkela on 21 May 2022.
About 1,500 t of transactions in CDRI were recorded today against 5,230 t on 20 May.
The index fell on account of limited trades as buyers are procuring for immediate requirement only. Spot buying interest was reportedly limited.
Buying interest in semi-finished steel market remained dull today as Rourkela billet prices fell INR 500/t on a d-o-d basis, sources informed SteelMint.
Rationale -
This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and are given a weightage of 50%, whereas other data sets are considered as T2 and are given a weightage of the balance 50%.
- Transactions (T1) - Five trades in the range of INR 35,000-35,200/t were recorded from 11:30 am to 3:30 pm SteelMint trading window which were considered for the final price calculation as T1 inputs. The average of these transactions was INR 35,046/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators - bids/offers/indicative (T2) - Eight offers were reported in the trading window and were considered as T2 inputs. The average price of these eight offers was INR 35,060/t and was given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw-Rourkela was at INR 35,053/t, rounded to INR 35,050/t exw.
Click for detailed methodology
T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology