SteelMint: Improved enquiries lift Rourkela sponge iron index - 13 May

SteelMint's daily sponge iron, CDRI, index is assessed at INR 35,950/tonne (t) (+ INR 50) exw Rourkela on 13 May'22.

About 5,850 t of transactions in CDRI were recorded by SteelMint today as against 900 t on 12 May.

The index rose slightly on account of improved enquiries and because producers kept prices firm amidst higher input costs.

A number of deals were reportedly concluded to Uttarakhand - around 67% of the total deals reported, 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) �" Eight trades in the range of INR 35,800-36,400/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 35,944/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 35,918/t and given a 50% weightage in the final price calculation.
  
  

The final price for sponge CDRI exw Rourkela was at INR 35,931/t, rounded to INR 35,950/t exw.

Click for detailed methodology

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