SteelMint’s daily steel billet index was assessed at INR 47,500/tonne (t) (=) exw-Raipur on 3 September, 2022.
About 400 t of transactions were recorded today as against 2,400 t on 2 September.
The spot prices of billet in Raipur were higher during the first half today; however, buyers resisted the offers on account of sluggish finished steel sales, especially rebar and wire rod. Thus, the offers edged down in the late hours along with a price correction in the northern region. Ultimately, the billet index stood firm on a daily basis.
SteelMint’s daily price assessment for wire rod and sponge iron remained stable, while rebar offers rose INR 100/t in Raipur today.
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) – One trade at INR 47,500/t were recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 47,500/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 47,521/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,511/t, rounded to INR 47,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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