SteelMint: Raipur billet index drops INR 450/t on lower bids - 10 Feb

SteelMint's daily steel billet index is assessed at INR 47,300/tonne (t) (- INR 450/t) exw-Raipur on 10 Feb'22.

About 4,340 t of transactions in billets were recorded by SteelMint today against 4,100 t on 9 Feb.

The index edged down on persistent weak demand and the lack of confidence among market participants as to whether the market would sustain.

Spot buying interest remained poor in major markets, including 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) - Seven 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 47,500/t, and one deal each at INR 47,950/t, INR 47,300/t, INR 47,200/t, INR 47,100/t, and INR 47,000/t. The average price of these seven transactions was INR 47,184/t and 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 47,429/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 47,306/t, rounded off to INR 47,300/t exw.

Click for detailed methodology

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