SteelMint’s daily steel billet index is assessed at INR 48,200/tonne (t) (+INR 100) exw-Raipur on 8 Feb’22.
About 2,300 t of transactions in billets were recorded by SteelMint today against 1,900 t on 7 Feb.
Spot buying was limited while majority buyers were seen delaying purchases due to bearish trends followed by poor offtake in finished steel products, SteelMint notes.
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 48,200/t, and one deal each at INR 48,100/t, and INR 48,000/t. The average price of these three transactions was INR 48,136/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 48,256/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 48,196/t, rounded to INR 48,200/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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