SteelMint: Raipur billet index falls INR 900/t on lower bids - 10 Mar

SteelMint's daily steel billet index is assessed at INR 60,200/tonne (t) (-INR 900) exw Raipur on 10 Mar'22.

About 3,500 t of transactions in billets were recorded by SteelMint today as against 3,900 t on 9 March.

The index dropped today as limited trades and enquiries were observed, with usual economic activity being disturbed in the northern region due to elections results being declared in many states. However, market sources believe that prices will remain supported on high costs of raw materials and bullish global trends.

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 60,000/t, and one deal each at INR 60,500/t, and INR 60,200/t.. The average price of these four transactions was INR 60,105/t and given a 50% weightage in the final price calculation. Apart from this one trade at INR 59,500/t was also recorded at 13:30 pm but was excluded due to timing.
  
  
• 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 60,267/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 60,186/t, rounded to INR 60,200/t exw.

Click for detailed methodology

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