SteelMint’s daily steel billet index was assessed at INR 45,450/tonne (t) (+ INR 650) exw-Raipur on 13 June 2022.
About 3,500 tonnes (t) of transactions in billets were recorded by SteelMint today as against 1,600 t on 11 June.
The index remained supported on firm buying interest following a slight improvement in demand for finished steel products since last weekend.
In addition, a significant rise in offers in Punjab, north India, influenced suppliers to keep offers higher. This was also a key factor behind surging billet offers across regions, including the Raipur market.
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) – Five trades in the range of INR 45,450-45,600/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 45,473/t which is given a 50% weightage in the final price calculation. Apart from this one trade at INR 45,300/t was also recorded at 1:27 pm, but was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 45,463/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 45,468/t, rounded to INR 45,450/t exw.
Click for detailed methodology
T1 – Trade, T2 – offer/bid/indicative, *Normalized price as per methodology
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