SteelMint’s daily steel billet index is assessed at INR 54,800/tonne (t) (-INR 900) exw Raipur on 6 Apr’22.
About 4,500 t of transactions in billets were recorded by SteelMint today as against 2,920 t on 5 April.
The index moved down further on lower bids due to dull finished steel demand. However, in the closing hours trade enquiries improved slightly with a marginal surge in coal prices by about INR 500/t.
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 one trade was recorded at INR 55,200/t, and one deal each at INR 55,000/t, INR 54,850/t, and INR 54,000/t. The average price of these four transactions was INR 54,714/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 54,896/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 54,805/t, rounded to INR 54,800/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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