SteelMint’s daily steel billet index was assessed at INR 44,800/tonne (t) (=) exw-Raipur on 11 June 2022.
About 1,600 tonnes (t) of transactions in billets were recorded by SteelMint today as against 6,000 t on 10 June.
The index remained stable on firm buying interest following active demand for finished steel products since yesterday.
As per trade sources, due to low inventory with mills as well as stockists, buying interest across product segments has been observed to be active and is likely to remain supported if prices maintain stability.
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 in the range of INR 44,700-44,800/t were recorded during the 11:30 pm to 01:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 44,763/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twenty offers reported in the trading window and considered as T2 inputs. The average price of these twenty was INR 44,825/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 44,794/t, rounded to INR 44,800/t exw.
Click for detailed methodology
T1 – Trade, T2 – offer/bid/indicative, *Normalized price as per methodology
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