SteelMint’s daily steel billet index is assessed at INR 48,400/tonne (t) (-INR 500) exw Raipur on 31 Jan’22.
About 3,450 t of transactions in billets were recorded by SteelMint today against 2,300 t on 29 Jan.
The index edged down following lower bids amidst weak participation in the market, as a majority of buyers held their bids due to unclear market trends on the eve of the Union Budget tomorrow.
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) – Six trades were recorded in the 2:30 pm to 5:30 pm trading window and considered for final price calculation as T1 inputs. Out of these two trades were recorded at INR 48,200/t, and one deal each at INR 48,500/t, INR 48,450/t, INR 48,400/t, and INR 48,350/t. The average price of these six transactions was INR 48,414/t and given 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) –Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these 11 was INR 48,429/t and given 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 48,421/t, rounded to INR 48,400/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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