SteelMint’s daily steel billet index was assessed at INR 50,000/tonne (t) (+ INR 600) exw-Raipur on 7 July 2022.
About 4,800 tonnes (t) of transactions were recorded today as against 3,950 t on 6 July.
The index rose further on improved demand for finished steel products (wire rods) in local markets and the rally in steel prices in Punjab. Responding to the positive sentiments, sellers also kept prices higher.
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) – Eleven trades at INR 49,800-50,000/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 49,936/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Five offers reported in the trading window and considered as T2 inputs. The average price of these five was INR 50,040/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,988/t, rounded to INR 50,000/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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