SteelMint: Raipur billet index falls INR 550/t on lower bids - 20 Apr

SteelMint's daily steel billet index was assessed at INR 57,650/tonne (t) (-INR 550) exw Raipur on 20 April, 2022.

About 3,750 t of transactions in billets were recorded by SteelMint today as against 3,400 t on 19 April.

The index fell on account of lower bids during the first half today. However, in the closing hours, trade enquiries improved and accordingly deals have taken place, though at lower price levels.

However, with price recovery seen in the northern region, sources expect billet prices in Raipur to rebound as market trends have turn optimistic.

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 in the range of INR 57,500-57,700/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 57,604/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 57,665/t and given a 50% weightage in the final price calculation.
  
  

The final price for billets exw-Raipur was at INR 57,635/t, rounded to INR 57,650/t exw.

Click for detailed methodology

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