SteelMint’s daily steel billet index is assessed at INR 56,500/tonne (t) (-INR 500) exw Raipur on 16 Apr’22.
About 1,550 t of transactions in billets were recorded by SteelMint today as against 6,650 t on 15 Apr.
The index fell owing to limited enquiries amidst festive mood along with declining prices in the northern region, especially Punjab. Hence, prices dropped today.
The price outlook will depend on coal price movements globally, which seems to be going remain strong, sources informed SteelMint.
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 were recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. All the three trades were recorded at INR 56,500/t. The average price of these three transactions was INR 56,500/t and 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 56,540/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 56,520/t, rounded to INR 56,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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