SteelMint’s daily steel billet index is assessed at INR 50,000/tonne (t) (+ INR 1,000/t) exw-Raipur on 29 July, 2022.
About 6,100 t of billet transactions were recorded today as against 3,200 t on 28 July.
The index remains supported on account of active demand for both semis and finished steel products during the first half today. However, later on decline in offers in the northern region resulted in limited enquiries in the spot market.
SteelMint’s daily price assessment for wire rod rose by INR 1,000/t and for rebar by INR 500/t, while sponge iron prices surged INR 800/t in Raipur today.
About 4,800 t of trades in wire rod and 2,200 t in rebar were recorded in Raipur today.
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) – Twelve trades at INR 49,800-50,300/t were recorded during the 2:30 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 50,069/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 49,970/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 50,020/t, rounded to INR 50,000/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
.jpg)
Leave a Reply