SteelMint’s daily steel billet index was assessed at INR 47,350/tonne (t) (+ INR 50/t) exw-Raipur on 1 September, 2022.
About 1,550 t of transactions were recorded today as against 2,500 t on 31 August.
The index moved up slightly as offers rose as some deals were concluded at higher offers in the late trading hours yesterday. However, spot trades were dull today at higher offers and due to the disparity in bid and offer.
As per SteelMint’s assessment, prices of wire rods and rebars rose by INR 200/t d-o-d while sponge iron offers fell by INR 100/t in Raipur.
About 4,200 t of transactions in wire rods were recorded today as against 1,550 t yesterday and around 2,200 t of rebar deals were recorded compared to 600 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 47,300-47,500/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 47,384/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 47,364/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,374/t, rounded to INR 47,350/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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