SteelMint: Raipur billet index falls further as buyers resist higher offers - 8 Apr

SteelMint's daily steel billet index is assessed at INR 54,400/tonne (t) (-INR 750) exw Raipur on 8 Apr'22.

About 5,030 t of transactions in billets were recorded by SteelMint today as against 2,000 t on 7 April.

The index moved down as bids edged lower as against offers. However, on lower offers active trades were reported during the closing hours today amidst news of power shortage in a few markets. Thus, re-rollers took positions on the assumption of a rebound in offers as well as the hope that offers wouldn't fall further triggering an improvement in spot trade volumes compared with yesterday.

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) - Six 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 55,000/t, two deals at INR 54,200/t, and one deal each at INR 54,500/t, and INR 54,100/t. The average price of these six transactions was INR 54,464/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 54,300/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 54,382/t, rounded to INR 54,400/t exw.

Click for detailed methodology

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