SteelMint’s daily steel billet index was assessed at INR 56,500/tonne (t) (-INR 1,100) exw Raipur on 22 Apr’22.
About 3,400 t of transactions in billets were recorded by SteelMint today as against 3,750 t on 21 Apr.
The index headed south with continued lower bids and poor buying interest across product categories and thus billet offers also edged down.
In view of firm raw material prices, participants are hoping for a price recovery.
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 in the range of INR 56,000-56,500/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 56,500/t which is 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 56,517/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 56,508/t, rounded to INR 56,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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