SteelMint: Rourkela sponge iron index rises on active trading - 13 Apr

SteelMint's daily sponge iron, CDRI, index is assessed at INR 36,800/tonne (t) (+ INR 850) exw Rourkela on 13 Apr'22.

About 6,350 t of transactions in CDRI were recorded by SteelMint today as against 6,920 t on 12 April.

The index continued to rally on active demand amidst higher offers floated by the suppliers. Producers kept prices strong as several deals took place today.

A number of deals were reportedly concluded in the local market as well as for West Bengal, with the freight charge at around INR 1,600-1,700/t, SteelMint learnt from sources.

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) - Eleven 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 four trades were recorded at INR 36,500/t, two deals at INR 36,800/t, and one deal each at INR 37,000/t, INR 36,900/t, INR 36,750/t, INR 36,200/t, and INR 36,000/t. The average price of these eleven transactions was INR 36,733/t and 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 36,850/t and given a 50% weightage in the final price calculation.
  
  

The final price for sponge CDRI exw Rourkela was at INR 36,791/t, rounded to INR 36,800/t exw.

Click for detailed methodology

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