SteelMint: Raipur billet index rises further despite lower trade volumes - 13 Jan

SteelMint's daily steel billet index is assessed at INR 45,450/tonne (t) (+600) exw Raipur on 13 Jan'22.

About 3,880 t of transactions in billets were recorded by SteelMint today against 7,320 t on 12 Jan.

Although the index rallied, trade volumes fell. A leading Raigarh-based plant held billet offers due to healthy orders in hand, while buyers in Raipur are cautious amid significant surge in offers that led to a drop in trade volumes.

Rationale -

The index has been derived from transactions, offers, bids and indicative price sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given the balance weightage of 50%.

• Transactions (T1) - Eight 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 five trades were recorded at INR 45,500/t, two deals at INR 45,300/t, and one deal at INR 45,450/t. The average price of these eight transactions was INR 45,456/t and given a 50% weightage in the final price calculation. Apart from this one trade at INR 45,300/t was also recorded at 12:30 pm but was excluded due to timing.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 45,433/t and given 50% weightage in the final price calculation.
  
  

The final price of billet exw Raipur was at INR 45,445/t, rounded to INR 45,450/t exw.

Click for detailed methodology

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