SteelMint: Raipur billet index rises by INR 400/t, trade volumes remain firm - 4 Feb

SteelMint's daily steel billet index is assessed at INR 48,700/tonne (t) (+INR 400) exw-Raipur on 4 Feb'22.

About 2,700 t of transactions in billets were recorded by SteelMint today against 2,200 t on 3 Feb.

The index moved up slightly following improvement in bids, which also supported trade volumes today.

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 three trades were recorded at INR 48,700/t, three deals at INR 48,600/t, two deals at INR 48,800/t, and one deal at INR 48,500/t. The average price of these nine transactions was INR 48,659/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 48,763/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 48,711/t, rounded to INR 48,700/t exw.

Click for detailed methodology

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