SteelMint’s daily steel billet index was assessed at INR 48,650/tonne (t) (- INR 150/t) exw-Raipur on 22 August, 2022.
About 900 t of transactions were recorded today as against 700 t on 20 August.
The index fell further as spot trades remained low due to poor finished steel sales and the constant drop in steel prices in north India, especially Punjab. This led to a negative price direction in different regions.
SteelMint’s daily price assessment for wire rods and sponge iron fell by INR 300/t each, while the prices of rebar dropped by INR 200/t 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) – One trade at INR 48,650/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 48,650/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 48,692/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 48,671/t, rounded to INR 48,650/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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