SteelMint: Raipur billet index rises INR 500/t, trades remain moderate - 24 Mar

SteelMint's daily steel billet index is assessed at INR 58,300/tonne (t) (+INR 500) exw Raipur on 24 Mar'22.

About 4,100 t of transactions in billets were recorded by SteelMint today as against 3,200 t on 23 March.

The index rebounded following improved enquiries due to rising prices in north India during the first half today. However, prices fell later in the day on sharp decline in sponge iron prices and dull demand.

Market participants remained cautious about taking positions in a highly volatile market along with softening coal prices, SteelMint notes.

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) - Two 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 one trade was recorded at INR 58,500/t. and one deal at INR 58,300/t. The average price of these two transactions was INR 58,300/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) -Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 58,275/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 58,288/t, rounded to INR 58,300/t exw.

Click for detailed methodology

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