SteelMint’s daily steel billet index was assessed at INR 56,000/tonne (t) (-INR 500) exw Raipur on 23 April, 2022.
About 1,700 t of transactions in billets were recorded by SteelMint today against 3,400 t on 22 April.
The index dropped further on account of need-based demand as finished steel demand remained sluggish in the spot market, which kept buyers away amidst unclear market directions.
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) – Five trades in the range of INR 56,000-56,500/t were recorded from 11:30 am to 3:30 pm SteelMint trading window and and were considered as T1 inputs for final price calculation. The average of these transactions was INR 56,000/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Seven offers were reported in the trading window which were considered as T2 inputs. The average price of these 7 was INR 56,040/t and was given a 50% weightage in the final price calculation.
The final price for billet exw-Raipur was at INR 56,020/t, rounded to INR 56,000/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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