SteelMint’s daily steel billet index is assessed at INR 53,100/tonne (t) (-INR 500) exw Raipur on 11 May, 2022.
About 4,500 tonnes (t) of transactions in billets were recorded by SteelMint today as against 2,410 t on 10 May.
The index fell further on lower bids and prices declined in the northern region amidst sluggish trends as inventories rose slightly with manufacturers of semis and finished steel products on improved power supply in Raipur. In view of these factors billet prices are softening across regions.
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 in the range of INR 53,000-53,350/t were recorded during the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 53,213/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nineteen offers reported in the trading window and considered as T2 inputs. The average price of these nineteen was INR 53,029/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 53,121/t, rounded to INR 53,100/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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