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India: SteelMint's billet index inches down by INR 100/t d-o-d - 17 Jan'24

SteelMint’s billet index fell by INR 100/tonne (t) at INR 39,550/t exw-Raipur on 17 January, 2024. Today, the index saw a decline as spot market offerings were ...

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17 Jan 2024, 18:39 IST
India: SteelMint's billet index inches down by INR 100/t d-o-d - 17 Jan'24

SteelMint's billet index fell by INR 100/tonne (t) at INR 39,550/t exw-Raipur on 17 January, 2024.

Today, the index saw a decline as spot market offerings were on the lower side, supporting buying activity in the semi-finished category. However, buying activity in sponge iron in the Raipur region remained sluggish, while the finished steel sector remained firm.

About 3,110 t of transactions were recorded as against 1,750 t on 16 January.

Rebar prices in the finished steel segment remained unchanged, with 1,900 t of transactions recorded. Wire rod prices, however, experienced a decrease of INR 200/t, and 1,500 t of transactions were recorded. Sponge iron remained stable.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 13,050/t.

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) - Four trades at INR 39,500-39,600/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 39,568/t which is 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 39,539/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 39,554/t, rounded to INR 39,550/t exw.

Click for detailed methodology


T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology

 

17 Jan 2024, 18:39 IST

 

 

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