SteelMint’s daily steel billet index is assessed at INR 48,600/tonne (t) (+INR 450) exw-Raipur on 23 Feb’22.
About 5,750 t of transactions in billets were recorded by SteelMint today against 3,000 t on 22 Feb.
The index rebounded as trades rose on optimistic trends in terms of price movements, as a result of which prices moved higher.
Industry participants believe semis prices are likely to remain strong as suppliers have sufficient orders at a time when prices are on the ascendant.
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) – Five 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 two trades were recorded at INR 48,600/t, and one deal each at INR 48,700/t, INR 48,500/t, and INR 48,300/t. The average price of these five transactions was INR 48,625/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 48,580/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 48,603/t, rounded to INR 48,600/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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