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SteelMint: Tight supplies push Raipur billet index higher by INR 600/t - 16 Jun'22

SteelMint’s daily steel billet index was assessed at INR 46,400/tonne (t) (+ INR 600) exw-Raipur on 16 June 2022. About 2,100 tonnes (t) of transactions in billets ...

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16 Jun 2022, 19:04 IST
SteelMint: Tight supplies push Raipur billet index higher by INR 600/t - 16 Jun'22

SteelMint's daily steel billet index was assessed at INR 46,400/tonne (t) (+ INR 600) exw-Raipur on 16 June 2022.

About 2,100 tonnes (t) of transactions in billets were recorded by SteelMint today as against 6,750 t on 15 June.

The index rose following shortage of ready-to-dispatch billets by a few suppliers. Some suppliers took advantage of the situation and floated offers higher, resulting in a surge in spot billet prices in Raipur.

In addition, better demand for finished steel products prompted producers to keep billet offers higher to improve current spreads.

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 in the range of INR 46,300-46,600/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 46,388/t which is 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 46,413/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 46,401/t, rounded to INR 46,400/t exw.

Click for detailed methodology


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

 

16 Jun 2022, 19:04 IST

 

 

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