SteelMint’s daily steel billet index is assessed at INR 59,500/tonne (t) (-INR 700) exw Raipur on 11 Mar’22.
About 1,300 t of transactions in billets were recorded by SteelMint today as against 3,500 t on 10 March.
The index fell on limited enquiries as a majority of participants are expecting prices to soften further on account of the coming festive week and the financial year-end closing after that. This is likely to keep spot trades low, SteelMint notes.
Prices fell today amid aggressive selling by the major suppliers including resellers.
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) – Three trades were recorded in the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. All the three trades were recorded at INR 59,500/t. The average price of these three transactions was INR 59,500/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 59,542/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 59,521/t, rounded to INR 59,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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