SteelMint: Raipur billet index falls slightly on lower bids - 15 Feb

SteelMint's daily steel billet index is assessed at INR 47,050/tonne (t) (-INR 50) exw-Raipur on 15 Feb'22.

About 4,350 t of transactions in billets were recorded by SteelMint today against 2,700 t on 14 Feb.

The index fell slightly due to lower bids during the first half today. However, a slight improvement in demand as well as bids was observed later in the day, resulting in improved spot trades as against 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) - Five 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 these, two trades were recorded at INR 47,000/t, and one deal each at INR 46,900/t, INR 46,800/t, and INR 46,700/t. The average price of these five transactions was INR 46,960/t and given a 50% weightage in the final price calculation. Apart from this one trade at INR 47,000/t was also recorded at 2:00 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 10 was INR 47,110/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 47,035/t, rounded off to INR 47,050/t exw.

Click for detailed methodology

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