SteelMint’s daily steel billet index is assessed at INR 53,200/tonne (t) (+INR 100) exw Raipur on 12 May, 2022.
About 3,300 tonnes (t) of transactions in billets were recorded by SteelMint today as against 4,500 t on 11 May.
The index recovered slightly on improved bids following positive price movements in the northern region. However, with rising offers, a majority of buyers are looking to procure materials at lower offers which, in turn, led to spot trades falling compared to yesterday.
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 in the range of INR 53,100-53,350/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 53,202/t which is given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2) – Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 53,225/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 53,213/t, rounded to INR 53,200/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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