SteelMint’s daily steel billet index is assessed at INR 50,250/tonne (t) (+ INR 650/t) exw-Raipur on 1 August, 2022.
About 7,850 t of billet transactions were recorded today as against 3,300 t on 30 July.
The index rebounded on demand recovery following a price gain in the northern region – Punjab.
The Raipur spot trades of billet improved today and recorded over two-folds with active demand in finished steel products and a slight supply shortage of sponge iron in the spot market of Raipur. This has collectively supported the billet market.
SteelMint’s daily price assessment for rebar, wire rods and sponge iron rose by INR 500/t in Raipur.
About 2,900 t of trades in wire rod and 3,600 t in rebar were recorded in Raipur 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) – Ten trades at INR 50,100-50,600/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 50,226/t which is given a 50% weightage in the final price calculation. Apart from this two trades of INR 50,300 & 50,100 recorded at 2:07 pm & 5:33 pm were excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 50,267/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 50,247/t, rounded to INR 50,250/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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