SteelMint’s daily steel billet index was assessed at INR 49,000/tonne (t) (- INR 450/t) exw-Raipur on 18 August, 2022.
About 2,700 t of transactions were recorded today as against 1,150 t on 17 August.
The index fell on account of lower bids following decline in finished steel prices. In addition a continuous drop in prices in the northern region forced billet suppliers to keep offers lower.
SteelMint’s daily price assessment for wire rods fell by INR 500/t, rebar by INR 600/t and sponge iron by INR 400/t in Raipur today.
About 1,900 t of wire rod transactions in Raipur were recorded today as against 500 t yesterday. Also, 1,600 t of rebar deals were confirmed against 800 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) – Six trades at INR 48,800-49,000/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 48,949/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 49,032/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 48,991/t, rounded to INR 49,000/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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