SteelMint’s daily steel billet index is assessed at INR 56,500/tonnes (t) (-INR 400) exw Raipur on 17 Mar’22.
About 2,100 t of transactions in billets were recorded by SteelMint today as against 3,675 t on 16 Mar’22.
The index dropped slightly on account of limited market participation due to the prevailing festive mood ahead of Holi. The major buyers and suppliers were holding their bids and offers. Thus, spot trades were limited and recorded a decline day-on-day.
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) – Two trades were recorded in the 2:30 pm to 4:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Both the trades were recorded at INR 56,500/t. The average price of these two transactions was INR 56,500/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 56,500/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 56,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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