SteelMint’s daily steel billet index is assessed at INR 58,500/tonne (t) (+INR 2,000) exw Raipur on 18 Apr’22.
About 1,300 t of transactions in billets were recorded by SteelMint today as against 1,550 t on 16 Apr.
The index rallied on account of surging offers in Punjab, north India. However, buying interest on higher offers remained limited amidst volatility in prices, sources informed.
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 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which one trade was recorded at INR 58,600/t, and one deal at INR 58,400/t. The average price of these two transactions was INR 58,523/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 58,520/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 58,522/t, rounded to INR 58,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
Leave a Reply