SteelMint: Raipur billet index slumps to one-month low on limited enquiries - 21 Jul

SteelMint's daily steel billet index is assessed at INR 47,300/tonne (t) (- INR 800) exw-Raipur on 21 July, 2022.

The index hit a month's low as similar price levels were last recorded on 22 June.

About 1,700 t of transactions were recorded today, same as yesterday.

The index fell on continued weak demand following poor offtake in finished steel products. Thus, slight selling pressure was observed among suppliers, which led to a constant drop in offers as well as bids.

SteelMint's daily price assessment for rebar fell by INR 600/t, wire rod by INR 800/t and sponge iron by INR 500/t in Raipur.

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) - Four trades at INR 47,150-47,300/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 47,224/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 47,392/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 47,308/t, rounded to INR 47,300/t exw.

Click for detailed methodology

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