SteelMint: Raipur billet index climbs further on rising offers in north India - 15 Apr

SteelMint's daily steel billet index is assessed at INR 57,000/tonne (t) (+INR 1,250) exw Raipur on 15 Apr'22.

About 6,650 t of transactions in billets were recorded by SteelMint today as against 7,100 t on 14 April.

The index rose on active demand and surging offers in north India - Punjab - which resulted in optimistic trends prevailing across regions, thereby boosting spot trades.

Also, demand for finished steel products recovered and trade discounts offered by the resellers as well as manufacturers narrowed down today.

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) - Eight 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 four trades were recorded at INR 57,000/t, two deals at INR 57,200/t, and one deal each at INR 56,900/t, and INR 56,800/t. The average price of these eight transactions was INR 56,931/t and given a 50% weightage in the final price calculation. Apart from this one trade at INR 57,200/t, and one deal at INR 57,000/t were also recorded at 12:30 pm, and 2:00 pm but was excluded due to timing.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 57,031/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 56,981/t, rounded to INR 57,000/t exw.

Click for detailed methodology

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