SteelMint’s daily steel billet index was assessed at INR 52,800/tonne (t) (-INR 200) exw-Raipur on 14 May 2022.
About 920 t of transactions in billets were recorded by SteelMint today as against 2,150 t on 13 May.
The index fell further on account of limited enquiries and lower bids. In addition, sufficient supply in the spot market with improved power supply and dull finished steel demand continue to weigh on billet prices in the domestic market.
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 at INR 52,800/t were recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 52,800/t which is given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicative (T2) – Nineteen offers were reported in the trading window and considered as T2 inputs. The average price of these nineteen was INR 52,840/t and given a 50% weightage in the final price calculation.
The final price for billets exw-Raipur was at INR 52,820/t, rounded to INR 52,800/t exw.
Click for detailed methodology
T1 – Trade, T2 – offer/bid/indicative, *Normalized price as per methodology
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