SteelMint’s daily steel billet index is assessed at INR 47,450/tonne (t) (+ INR 150) exw-Raipur on 22 July, 2022.
About 3,000 t of transactions were recorded today as against 1,700 t on 21 July.
The index recovered slightly due to an improvement on bids on rallying steel prices in the northern region during the first half today; however, later on, especially with the decline in prices, demand with Raipur billet-makers slowed down on higher offers.
Finished steel sales remained limited and, as per SteelMint’s daily price assessment, rebar offers fell by INR 100/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 47,400-48,100/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 47,480/t which is given a 50% weightage in the final price calculation. Apart from this one trade of INR 47,800 recorded at 12:15 pm was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 47,442/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,461/t, rounded to INR 47,450/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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