SteelMint’s daily steel billet index is assessed at INR 57,800/tonne (t) (-INR 1,450) exw Raipur on 23 Mar’22.
About 3,200 t of transactions in billets were recorded by SteelMint today as against 1,550 t on 22 March.
The index trended lower on account of measured demand following limited enquiries in finished steel products. Thus, a majority of buyers opted to wait and watch, resulting in a fall in spot trades and prices.
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. Out of which one trade was recorded at INR 58,200/t., and one deal each at INR 57,500/t, and INR 57,200/t. The average price of these three transactions was INR 57,550/t and 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 58,086/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 57,818/t, rounded to INR 57,800/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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