SteelMint’s daily steel billet index was assessed at INR 50,900/tonne (t) (- INR 100) exw-Raipur on 9 July 2022.
About 900 t of transactions were recorded today as against 4,300 t on 8 July.
The index edged lower on account of limited enquiries due to lower finished steel buying and softening steel prices in northern region. Thus, a majority of participants opted for a wait-and-watch mode.
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) – Two trades at INR 50,800-50,900/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 50,900/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 50,936/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 50,918/t, rounded to INR 50,900/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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