SteelMint: Raipur billet index falls further on lower bids, sluggish finished steel sales - 6 Aug

SteelMint's daily steel billet index is assessed at INR 48,100/tonne (t) (- INR 700/t) exw-Raipur on 6 August, 2022.

About 1,600 t of billet transactions were recorded today as against 450 t on 5 August.

The index fell further on account of lower bids amid sluggish finished steel sales.

SteelMint's daily price assessment for rebars edged down by INR 100/t while wire rods and sponge iron prices fell sharply by INR 400/t and INR 800/t respectively in Raipur.

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) - Three trades at INR 48,200-48,300/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 48,207/t which is given a 50% weightage in the final price calculation. Apart from this one trade at INR 48,200/t was also recorded at 4:18 pm, but was excluded due to timing.
  
  
• 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 48,000/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 48,104/t, rounded to INR 48,100/t exw.

Click for detailed methodology

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