SteelMint: Raipur billet index edges down on limited enquiries - 9 July

SteelMint's daily steel billet index was assessed at INR 50,900/tonne (t) (- INR 100) exw-Raipur on 9 July 2022.

About 900 t of transactions were recorded today as against 4,300 t on 8 July.

The index edged lower on account of limited enquiries due to lower finished steel buying and softening steel prices in northern region. Thus, a majority of participants opted for a wait-and-watch mode.

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) - Two trades at INR 50,800-50,900/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 50,900/t which is 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 50,936/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 50,918/t, rounded to INR 50,900/t exw.

Click for detailed methodology

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