SteelMint: Raipur billet index rebounds as trades improve - 12 Apr

SteelMint's daily steel billet index is assessed at INR 53,400/tonne (t) (+INR 300) exw Raipur on 12 Apr'22.

About 6,620 t of transactions in billets were recorded by SteelMint today as against 3,600 t on 11 April.

The index rebounded on improved bids with slightly increased demand of finished steel products. Thus, spot billet trades gained momentum today. Trade discounts in finished steel remained low in the late trading hours today compared with yesterday, SteelMint notes.

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) - Nine 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 53,500/t, two deals each at INR 53,300/t, and INR 53,200/t, and one deal each at INR 53,350/t, INR 53,250/t, and INR 53,000/t. The average price of these nine transactions was INR 53,356/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 53,438/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 53,397/t, rounded to INR 53,400/t exw.

Click for detailed methodology

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