SteelMint: Raipur billet index falls by INR 300/t on limited enquiries - 14 Jan

SteelMint's daily steel billet index is assessed at INR 45,150/tonne (t) (-300) exw Raipur on 14 Jan'22.

About 1,300 t of transactions in billets were recorded by SteelMint today against 3,880 t on 13 Jan.

The index fell slightly due to limited enquiries amid the festive mood along with a decline in prices in the northern region - Punjab. Spot trades narrowed down as a result of aggressive selling by a few manufacturers.

The major buyers remained cautious amid unclear market trends and held their bids, opting to wait and watch instead, SteelMint notes.

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) - Four 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 45,200/t, and one deal each at INR 45,300/t, and INR 45,100/t. The average price of these four transactions was INR 45,192/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 45,150/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 45,171/t, rounded to INR 45,150/t exw.

Click for detailed methodology

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