SteelMint: Rourkela sponge iron index falls slightly on limited enquiries - 9 Jul

SteelMint's daily sponge iron, CDRI, index was assessed at INR 35,450/tonne (t) (- INR 150) exw-Rourkela on 9 July, 2022.

About 1,300 t of transactions were recorded today against 5,410 t on 8 July.

The index fell slightly on limited trade due to lack of buying interest. Buyers booked sufficient orders over the past couple of days and have now moved to the sidelines.

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) - Three trades in the range of INR 35,400-35,500/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 35,423/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 35,500/t and given a 50% weightage in the final price calculation.
  
  

The final price for sponge CDRI exw Rourkela was at INR 35,462/t, rounded to INR 35,450/t exw.

Click for detailed methodology

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