India: SteelMint's billet index rises INR 300/t d-o-d - 29 July
SteelMint’s billet index increased by INR 300/tonne (t) today, to INR 41,050/t exw-Raipur on July 29, 2023. The index rose owing to positive sentiments in the n...
SteelMint's billet index increased by INR 300/tonne (t) today, to INR 41,050/t exw-Raipur on July 29, 2023.
The index rose owing to positive sentiments in the north Indian market and improved buying activities in the semi-finished and finished steel segments. Sources are anticipating that market activity will improve from here on and demand will increase in the coming days.
About for 3,600 t of billet deals were recorded today, compared to 3,350 t on 28 July.
SteelMint price assessment for rebar increased by INR 400/t, while wire rod prices edged up by INR 300/t today. Meanwhile, sponge iron prices rose INR 250/t d-o-d.
The conversion spread from sponge iron (PDRI) to billets of the standalone furnaces in Raipur was recorded at INR 13,850/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) - Five trades at INR 40,700-41,200/t were recorded during the 11:30 am to 4:00 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 41,129/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators - bids/offers/indicative (T2) - Seventeen offers reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 40,975/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,052/t, rounded to INR 41,050/t exw.
Click for detailed methodology
T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology