SteelMint: Raipur billet index slips on dull finished steel sales - 14 Jul

SteelMint's daily steel billet index was assessed at INR 50,500/tonne (t) (- INR 600) exw Raipur on 14 July, 2022.

About 800 t of transactions were recorded today as against 1,800 t on 13 July.

The index moved down on dull finished steel demand amidst sluggish trends due to falling prices in the northern region. This put pressure on the billet market and prices and deals fell d-o-d.

SteelMint's daily price assessment of rebar, wire rod and sponge iron for Raipur fell by INR 600-700/t today. Negligible trade volumes were recorded for both rebar and wire rod despite a sharp fall in offers.

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 at INR 50,500/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 50,500/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 50,545/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 50,523/t, rounded to INR 50,500/t exw.

Click for detailed methodology

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