SteelMint’s daily steel billet index was assessed at INR 49,500/tonne (t) (- INR 200/t) exw-Raipur on 13 August, 2022.
About 700 t of billet transactions were recorded today as against 3,550 t on 12 August.
The index fell slightly amid low demand for finished steel products as the market is in the holiday mood which has put pressure on billet and sponge iron offers.
In addition, the decline in prices in the northern region weighed on the index.
SteelMint’s daily price assessment for rebars and wire rods in Raipur fell by INR 300/t, while sponge iron offers declined by INR 100-200/t.
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) – Three 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 49,529/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eighteen offers reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 49,514/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,522/t, rounded to INR 49,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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