SteelMint’s daily steel billet index was assessed at INR 47,000/tonne (t) (+ INR 600) exw-Raipur on 17 June 2022.
About 6,150 tonnes (t) of transactions in billets were recorded by SteelMint today as against 2,100 t on 16 June.
The index rose consecutively for the fourth day on account of active demand following shortage of ready-to-dispatch billets amidst improved finished steel demand in the spot market. Thus, this has collectively triggered prices to three weeks’ high in today’s trade.
Also, rising steel prices in the northern region, mainly Punjab, have influenced producers to keep offers higher.
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) – Fourteen trades in the range of INR 46,700-47,300/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 47,028/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 47,000/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,014/t, rounded to INR 47,000/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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