SteelMint’s daily steel billet index is assessed at INR 46,650/tonne (t) (-INR 350) exw-Raipur on 12 Feb’22.
About 3,500 t of transactions in billets were recorded by SteelMint today against 3,200 t on 11 Feb.
The index fell slightly on limited demand and poor enquiries for finished steel products. Bids continued to remain low, resulting in the decline in prices.
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) – Four trades were recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of these one trade was recorded at INR 46,700/t and one deal each at INR 46,600/t, INR 46,550/t, and INR 46,400/t. The average price of these four transactions was INR 46,514/t and given 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) –Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 46,786/t and given 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,650/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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