SteelMint’s daily steel billet index was assessed at INR 49,100/tonne (t) (+ INR 100/t) exw-Raipur on 19 August, 2022.
About 1,200 t of transactions were recorded today as against 2,700 t on 18 August.
The index rose slightly as some suppliers concluded deals on higher offers in the late trading hours yesterday, following which prices rose today. However, spot trades were dull today on account of Janmashtami holiday. Limited trades were heard in finished steel too, with a simulteneous rise in trade discounts.
SteelMint’s daily price assessment for rebar fell by INR 100/t, while prices of wire rod and sponge iron in Raipur today remained stable today.
About 400 t of transactions in wire rod were heard in Raipur today as against 1,900 t yesterday. Also, 600 t of rebar deals were confirmed against 1,600 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) – Three trades at INR 49,000-49,300/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 49,071/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 49,091/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,081/t, rounded to INR 49,100/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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