SteelMint’s daily steel billet index is assessed at INR 44,950/tonne (t) (-INR 150) exw-Raipur on 28 May 2022.
About 2,600 t of transactions in billets were recorded today as against 6,400 t on 27 May.
The index moved down amid a decline in spot trades as buying interest remained limited along with lower bids due to poor demand for finished steel products.
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 in the range of INR 44,700-45,200/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 44,986/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 44,950/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 44,968/t, rounded to INR 44,950/t exw.
Click for detailed methodology
T1 – Trade, T2 – offer/bid/indicative, *Normalized price as per methodology
Leave a Reply