SteelMint: Rourkela sponge iron index falls INR 450/t on limited trades - 31 May
SteelMint’s daily sponge iron, CDRI, index is assessed at INR 32,200/tonne (t) (- INR 450) exw Rourkela on 31 May’22. About 1,005 t of transactions in ...
SteelMint's daily sponge iron, CDRI, index is assessed at INR 32,200/tonne (t) (- INR 450) exw Rourkela on 31 May'22.
About 1,005 t of transactions in CDRI were recorded by SteelMint today as against 5,100 t on 30 May.
The index dropped further following a price correction in the northern region. A significant decline in steel prices in Punjab turned market sentiments sluggish, resulting in limited enquiries and a fall in offers in today's trade.
Thus, spot trades and prices of sponge iron moved down sharply amid low buying interest.
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) - Four trades in the range of INR 32,200-32,500/t were recorded during the 11:30 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 32,377/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators - bids/offers/indicative (T2) - Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 32,056/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 32,217/t, rounded to INR 32,200/t exw.
T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology