SteelMint’s daily steel billet index is assessed at INR 53,100/tonne (t) (-INR 900) exw Raipur on 11 Apr’22.
About 3,600 t of transactions in billets were recorded by SteelMint today as against 1,320 t on 9 April.
The index fell on lower bids due to weak demand of finished steel products. Hence, with aggressive selling, prices fell sharply in today’s trading, SteelMint notes.
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) – Four trades were recorded in the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which two trades were recorded at INR 53,000/t, and one deal each at INR 53,300/t, and INR 53,200/t. The average price of these four transactions was INR 53,050/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 53,109/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 53,080/t, rounded to INR 53,100/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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