India: SteelMint's billet index up by INR 50/t d-o-d - 17 Nov

SteelMint's billet index inched up by INR 50/t to INR 41,500/tonne (t) exw-Raipur on 17 November, 2023.

Today, the index stood up due to firm resistance by sellers as they increased their price offerings. As a result, minimal trade volumes were recorded.

Transactions of around 1,300 t of billets were recorded as against 2,650 t on 16 November.

SteelMint's daily price assessments for rebar moved up by INR 100/t, while transaction volume of 400 t was recorded.

SteelMint's daily price assessments for wire rod remained stable.

The conversion spread from sponge iron (PDRI) to billets of the standalone furnaces in Raipur was recorded at INR 13,900/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 41,350-41,600/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 41,567/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 41,475/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 41,521/t, rounded to INR 41,500/t exw.

Click for detailed methodology

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