SteelMint: Raipur billet index edges higher amid firm trades - 20 May

SteelMint's daily steel billet index was assessed at INR 51,100/tonne (t) (+INR 200) exw-Raipur on 20 May 2022.

About 3,850 t of transactions in billets were recorded today as against 4,850 t on 19 May.

The index was supported by firm demand in the first half and higher steel prices in the northern region. However, a slight fall in prices in the latter half resulted in a fall in spot trade of billets.

Market participants are expecting billet prices to remain volatile amidst subdued demand in finished steel at prevailing 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 51,000-51,600/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 51,115/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 51,120/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 51,118/t, rounded to INR 51,100/t exw.

Click for detailed methodology

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