SteelMint: Raipur billet index rises by INR 450/t - 14 Feb

SteelMint's daily steel billet index is assessed at INR 47,100/tonne (t) (+INR 450) exw-Raipur on 14 Feb'22.

About 2,700 t of transactions in billets were recorded by SteelMint today against 3,500 t on 12 Feb.

The index rebound following increase in offers in the Punjab, north India. Demand remained moderate across regions due to high volatility in prices amidst unclear market outlook. As a result, a majority of buyers held fresh bookings.

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) - Seven 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 47,100/t, two deals at INR 47,200/t, and one deal each at INR 47,400/t, and INR 47,000/t. The average price of these seven transactions was INR 47,119/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 47,100/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 47,110/t, rounded to INR 47,100/t exw.

Click for detailed methodology

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