SteelMint: Raipur billet index rises INR 200/t, trades stay firm - 24 June

SteelMint's daily steel billet index was assessed at INR 48,200/tonne (t) (+ INR 200) exw-Raipur on 24 June, 2022.

About 3,800 tonnes (t) of transactions in billets were recorded today as against 3,100 t on 23 June.

The index rose further following firm trades and a slight supply shortage along with a spike in steel offers in the northern region.

However, in terms of billet demand on prevailing higher offers, the majority of re-rollers remained cautious and booked material as per immediate requirements or for prompt dispatches, while future bookings remain dull, sources informed SteelMint.

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) - Eight trades in the range of INR 48,100-48,450/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 48,214/t which is given a 50% weightage in the final price calculation. Apart from this one trade at INR 48,300/t was also recorded at 11:32 am, but was excluded due to timing.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 48,233/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 48,224/t, rounded to INR 48,200/t exw.

Click for detailed methodology

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