SteelMint’s daily steel billet index was assessed at INR 48,700/tonne (t) (=) exw-Raipur on 7 October, 2022.
The index remained stable following moderate buying interest on higher offers, and with the surge in offers in northern India sellers kept prices unchanged.
SteelMint recorded a total of 4,050 t of billet deals in Raipur today as against 6,150 t on 6 October.
The conversion spread of standalone furnaces in Raipur from sponge PDRI to billet also remained unchanged at INR 16,800/t today.
SteelMint’s daily price assessment for rebar, wire rod and sponge iron stayed stable in Raipur today. However, spot trades narrowed down and about 1,850 t of wire rod deals were recorded today as against 3,200 t yesterday. Around 1,100 t of rebar trades were recorded in today’s trading session as against 1,800 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) – Eleven trades at INR 48,500-48,900/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 48,713/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 48,717/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 48,715/t, rounded to INR 48,700/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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