SteelMint’s daily steel billet index was assessed at INR 49,450/tonne (t) (- INR 550/t) exw-Raipur on 17 August, 2022.
About 1,150 t of transactions were recorded today as against 6,020 t on 16 August.
The index fell on account of weak finished steel sales following price correction in the northern region. This forced buyers to resist prevailing offers and ultimately spot prices and trade volumes fell sharply d-o-d.
SteelMint’s daily price assessment for wire rod fell by INR 400/t, while rebar dropped by INR 100/t and sponge iron by INR 200/t in Raipur today.
About 500 t of wire rod transactions in Raipur were recorded today as against 1,200 t yesterday. Also, 800 t of rebar deals were confirmed against 1,700 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) – Four trades at INR 49,400-49,800/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 49,435/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 49,507/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,471/t, rounded to INR 49,450/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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