SteelMint’s daily steel billet index is assessed at INR 43,100/tonne (t) (-INR 500) exw-Raipur on 1 Jan’22.
About 600 t of transactions in billets were recorded by SteelMint today against 5,900 t on 31 Dec.
The index slipped amid the holiday mood in the market, as a majority of participants remained inactive during the New Year celebrations.
Spot trades dropped, while prices inched down amidst aggressive selling by a few major plants.
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 were recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Both the trades were recorded at INR 43,000/t. The average price of these two transactions was INR 43,000/t and 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 43,163/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,081/t, rounded to INR 43,100/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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