SteelMint’s daily steel billet index was assessed at INR 51,100/tonne (t) (- INR 350) exw – Raipur on 13 July, 2022.
About 1,800 t of transactions were recorded today as against 2,500 t on 12 July.
The index dropped further on account of limited enquiries in both semis and finished steel products followed by price corrections in the northern region.
SteelMint recorded nearly 500 t of wire rods trade today in Raipur, as against 1,900 t, on 12 July. Assessment prices for wire rods also fell by INR 300/t d-o-d in Raipur.
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 at INR 51,000-51,200/t were recorded during the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 51,094/t which is 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 51,120/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 51,107/t, rounded to INR 51,100/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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