SteelMint: Raipur billet index falls INR 200/t on lower bids - 8 Mar

SteelMint's daily steel billet index is assessed at INR 59,300/tonne (t) (-INR 200) exw Raipur on 8 Mar'22.

About 4,400 t of transactions in billets were recorded by SteelMint today as against 4,650 t on 7 March.

The index dropped today after a continues rally. Lower bids on average, need-based trades remained the major factor behind the price correction. However, market sources believe that prices will remain strong on high costs of raw materials and bullish trends globally.

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 three trades were recorded at INR 59,200/t, and one deal at INR 59,250/t. The average price of these four transactions was INR 59,223/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 59,333/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 59,278/t, rounded to INR 59,300/t exw.

Click for detailed methodology

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