SteelMint’s daily steel billet index was assessed at INR 47,300/tonne (t) (- INR 400/t) exw-Raipur on 31 August, 2022.
About 2,500 t of transactions were recorded today as against 4,600 t on 30 August.
The index fell on account of limited bids and dull finished steel sales. The ongoing festive mood has led to subdued trade and offtake of materials is expected to remain slow in the coming days.
As per SteelMint’s daily assessment, prices of wire rods fell by INR 100/t and sponge iron by INR 200/t. However, rebars were up by INR 200/t in Raipur today.
About 1,550 t of transactions in wire rods were recorded today as against 6,350 t yesterday. Also, around 600 t of rebar deals were recorded against 5,900 t yesterday, in Raipur.
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 at INR 47,200-47,400/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 47,272/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 47,293/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,283/t, rounded to INR 47,300/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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