SteelMint’s daily steel billet index is assessed at INR 49,600/tonne (t) (- INR 400/t) exw-Raipur on 30 July, 2022.
About 3,300 t of billet transactions were recorded today as against 6,100 t on 29 July.
The index moved down on limited spot trades during the first half today. However, rising prices in the northern region later in the day have influenced buyers to take positions. This led to improved demand and bids in late trading today compared to the morning hours.
SteelMint’s daily price assessment for rebar and sponge iron fell slightly by INR 100/t, while wire rod prices remained stable in Raipur.
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) – Four trades at INR 49,500-49,600/t were recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 49,500/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 49,658/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,579/t, rounded to INR 49,600/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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