SteelMint’s daily steel billet index is assessed at INR 49,000/tonne (t) (=) exw-Raipur on 28 July, 2022.
About 3,200 t of transactions were recorded today as against 7,450 t on 27 July.
The index stayed stable with sufficient orders with sellers; however, demand for finished steel products remained slightly lower.
In addition, price fluctuation in the northern region kept major buyers away from taking positions, resulting in a fall in spot billet trade volumes today.
SteelMint’s daily price assessment for wire rods stayed stable, while a slight rise was reported in sponge iron prices by INR 100/t and in rebar by INR 300/t in Raipur today.
About 3,150 t of trades in wire rods and 2,300 t in rebar were recorded in Raipur by SteelMint today.
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 at INR 49,000-49,100/t were recorded during the 2:30 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 49,031/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 48,978/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,005/t, rounded to INR 49,000/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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