SteelMint: Rourkela sponge iron index stable on limited buying - 30 Jun

SteelMint's daily sponge iron, CDRI, index was assessed at INR 33,450/tonne (t) (=) exw Rourkela on 30 June, 2022.

About 2,410 t of transactions in CDRI were recorded by SteelMint today as against 1,100 t on 29 June.

The index remained unchanged on account of limited trades and only needs-based bookings took place. Buying interest in the semi-finished steel market remained dull today. Spot buying interest hinges on the requirements of market participants, sources informed SteelMint.

However, a significant rise in steel prices in Punjab in the second half of the trading session today prompted suppliers to keep offers firm.

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) - Seven trades in the range of INR 33,300-33,500/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 33,471/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 33,457/t and given a 50% weightage in the final price calculation.
  
  

The final price for sponge CDRI exw Rourkela was at INR 33,464/t, rounded to INR 33,450/t exw.

Click for detailed methodology

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