SteelMint’s daily steel billet index is assessed at INR 43,750/tonne (t) (+INR 650) exw-Raipur on 3 Jan’22.
About 6,200 t of transactions in billets were recorded by SteelMint today against 600 t on 1 Jan.
The index headed north with continued active demand in the spot market and recovery in trade momentum
In addition, there are sufficient orders with semis producers – a key reason why prices are keeping strong.
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 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which six trades were recorded at INR 43,800/t, three deals at INR 43,700/t, and one deal each at INR 44,000/t, and INR 43,900/t. The average price of these eleven transactions was INR 43,816/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 43,800/t at 14:00 pm but was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Five offers reported in the trading window and considered as T2 inputs. The average price of these five was INR 43,720/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,768/t, rounded to INR 43,750/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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