SteelMint: Raipur billet index climbs further as trades rise two-fold - 14 Apr

SteelMint's daily steel billet index is assessed at INR 55,750/tonne (t) (+INR 550) exw Raipur on 14 Apr'22.

About 7,100 t of transactions in billets were recorded by SteelMint today as against 3,660 t on 13 April.

The index headed north following active demand and higher offers floated by the suppliers on ongoing slight supply shortage as well demand recovery for finished steel products.

In addition, rising steel prices in north India have influenced buyers into taking positions, leading to a two-fold rise in spot billet trades in Raipur.

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) - Nine trades were recorded in the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which two trades were recorded at INR 55,750/t, two deals each at INR 55,700/t, and INR 56,000/t, and one deal each at INR 55,650/t, INR 55,600/t, and INR 55,500/t. The average price of these nine transactions was INR 55,700/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 55,767/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 55,733/t, rounded to INR 55,750/t exw.

Click for detailed methodology

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