SteelMint: Raipur billet index climbs on supply shortage, rising steel prices in north India - 27 Jun

SteelMint's daily steel billet index was assessed at INR 49,200/tonne (t) (+ INR 1,050) exw-Raipur on 27 June, 2022.

About 3,800 tonnes (t) of transactions in billets were recorded today as against 510 t on 25 June.

The index rose on account of supply shortage in the spot market and rising steel prices in Punjab, north India.

Bullish market trends as well as active spot trades across product categories in the central region resulted in a significant surge in offers.

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 in the range of INR 49,000-49,400/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 49,139/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 49,250/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 49,195/t, rounded to INR 49,200/t exw.

Click for detailed methodology

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