SteelMint’s daily steel billet index was assessed at INR 49,300/tonne (t) (+ INR 600/t) exw-Raipur on 10 August, 2022.
About 3,200 t of billet transactions were recorded today as against 2,950 t on 9 August.
The index rose further on account of active demand following the price rally in the northern region during the first half of today. However, later, decline in offers made buyers cautious.
SteelMint’s daily price assessment for rebar rose by INR 400/t and wire rods by INR 500/t, while sponge iron offers gained by INR 700-800/t in Raipur.
SteelMint recorded about 2,400 t of wire rod transactions in Raipur against 9,400 t yesterday. Also, 2,100 t of rebar deals were confirmed today against 5,200 t yesterday.
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) – Eight trades at INR 49,100-49,700/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 49,300/t which is given a 50% weightage in the final price calculation. Apart from this one trade at INR 49,450/t was also recorded at 2:21 pm, but was excluded due to timing.
- 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 49,336/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,318/t, rounded to INR 49,300/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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