SteelMint’s daily steel billet index is assessed at INR 59,150/tonnes (t) (+INR 2,650) exw Raipur on 21 Mar’22.
About 3,100 t of transactions in billets were recorded by SteelMint today as against 2,100 t on 17 Mar’22.
The index head north on higher offers floated by manufacturers due to sufficient deals concluded during the weekend. So, due to limited availability of material, the producers kept offers strong despite moderate demand.
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 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of these, two were recorded at INR 59,500/t, and one deal each at INR 59,200/t, and INR 59,000/t. The average price of these four transactions was INR 59,000/t and given a 50% weightage in the final price calculation. This apart, one trade happened at INR 59,500/t at 13:30 pm which was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) –Eleven offers reported in the trading window and considered as T2 inputs. The average price of these 11 was INR 59,320/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 59,160/t, rounded to INR 59,150/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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