SteelMint’s daily steel billet index is assessed at INR 55,500/tonne (t) (+INR 100) exw-Raipur on 7 May 2022.
About 1,650 tonnes (t) of transactions in billets were recorded by SteelMint today as against 4,300 t on 6 May.
The index remained strong following strengthening of offers in the northern region – Punjab. However, in the context to demand the enquiries remained limited throughout the day as finished steel demand was quite dull despite adjusted trade discounts through the resellers.
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) – Three trades in the range of INR 55,400-55,600/t were recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 55,515/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twenty two offers reported in the trading window and considered as T2 inputs. The average price of these twenty two was INR 55,498/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 55,506/t, rounded to INR 55,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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