SteelMint: Raipur billet index rises INR 450/t as trade enquiries improve - 23 Feb

SteelMint's daily steel billet index is assessed at INR 48,600/tonne (t) (+INR 450) exw-Raipur on 23 Feb'22.

About 5,750 t of transactions in billets were recorded by SteelMint today against 3,000 t on 22 Feb.

The index rebounded as trades rose on optimistic trends in terms of price movements, as a result of which prices moved higher.

Industry participants believe semis prices are likely to remain strong as suppliers have sufficient orders at a time when prices are on the ascendant.

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) - Five 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 48,600/t, and one deal each at INR 48,700/t, INR 48,500/t, and INR 48,300/t. The average price of these five transactions was INR 48,625/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 48,580/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 48,603/t, rounded to INR 48,600/t exw.

Click for detailed methodology

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