SteelMint: Raipur billet index slips on limited enquiries - 25 Jun

SteelMint's daily steel billet index was assessed at INR 48,150/tonne (t) (- INR 50) exw-Raipur on 25 June, 2022.

About 510 tonnes (t) of transactions in billets were recorded today as against 3,800 t on 24 June.

The index fell on limited enquiries today; however, despite poor demand, there were minimal price corrections as supply remained low in the spot market and tight dispatches continued.

Meanwhile, sponge iron and wire rod offers were also stable today in Raipur on account of sufficient orders with suppliers; hence suppliers kept offers firm despite measured demand.

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) - Three trades in the range of INR 48,100-48,200/t were recorded during the 11:30 pm to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 48,150/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Ninteen offers reported in the trading window and considered as T2 inputs. The average price of these ninteen was INR 48,195/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 48,173/t, rounded to INR 48,150/t exw.

Click for detailed methodology

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