India: SteelMint's billet index inches up by INR 150/t d-o-d - 23 Dec

SteelMint's billet index rose marginally by INR 150/t to INR 39,950/t exw-Raipur on 23 December, 2023.

About 2,650 t of billet deals were concluded today compared to 3,300 t on 22 December.

SteelMint's daily price assessments for rebar and wire rode rose by INR 200/t. Sponge iron prices in Raipur have risen by INR 300/t.

The conversion spread from sponge iron (PDRI) to billets of the standalone furnaces in Raipur was recorded at INR 12,950/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) - Three trades at INR 39,900-40,000/t were recorded during the 11:30 am to 04:15 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 39,945/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 40,000/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 39,973/t, rounded to INR 39,950/t exw.

Click for detailed methodology

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