SteelMint’s daily steel billet index was assessed at INR 49,400/tonne (t) (+ INR 50) exw-Raipur on 6 July 2022.
About 3,950 tonnes (t) of transactions were recorded today as against 2,300 t on 5 July.
The index rose further on account of active demand following strengthening sponge iron offers amidst optimistic trends with a slight rise in coal and pellet prices. Sponge iron offers in Raipur increased by INR 200/t, d-o-d.
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) – Nine trades at INR 49,200-49,500/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 49,400/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 49,367/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,384/t, rounded to INR 49,400/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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