SteelMint’s daily steel billet index is assessed at INR 55,300/tonne (t) (+INR 1,900) exw Raipur on 3 Mar’22.
About 7,150 t of transactions in billets were recorded by SteelMint today as against 6,450 t on 2 March.
The index continued to rally on account of active demand amidst higher offers floated through the suppliers and surging raw material prices, especially coal.
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 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 three trades were recorded at INR 55,200/t, and one deal each at INR 55,500/t, INR 55,400/t, INR 55,300/t, INR 55,100/t, and INR 55,000/t. The average price of these eight transactions was INR 55,211/t and given a 50% weightage in the final price calculation. Apart from this one trade at INR 55,100/t was also recorded at 1:00 pm but was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Two offers reported in the trading window and considered as T2 inputs. The average price of these two was INR 55,400/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 55,305/t, rounded to INR 55,300/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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