SteelMint: Raipur billet index edges down on limited enquiries - 28 May

SteelMint's daily steel billet index is assessed at INR 44,950/tonne (t) (-INR 150) exw-Raipur on 28 May 2022.

About 2,600 t of transactions in billets were recorded today as against 6,400 t on 27 May.

The index moved down amid a decline in spot trades as buying interest remained limited along with lower bids due to poor demand for finished steel products.

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) - Five trades in the range of INR 44,700-45,200/t were recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 44,986/t which is 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 44,950/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 44,968/t, rounded to INR 44,950/t exw.

Click for detailed methodology

T1 - Trade, T2 - offer/bid/indicative, *Normalized price as per methodology