SteelMint: Raipur billet index plummets as finished steel sales remain weak - 15 Jul

SteelMint's daily steel billet index was assessed at INR 49,600/tonne (t) (- INR 900) exw Raipur on 15 July, 2022.

About 1,800 t of transactions were recorded today as against 800 t on 14 July.

The index fell further as demand continued to remain sluggish in the spot market, following dull finished steel sales with declining steel prices in the northern region.

SteelMint's daily price assessment for rebar fell by INR 500/t and for wire rod by INR 800/t on weak buying interest.

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 at INR 49,500-50,000/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 49,567/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 49,679/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 49,623/t, rounded to INR 49,600/t exw.

Click for detailed methodology

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