SteelMint’s billet index declined by INR 100/t d-o-d to INR 45,050/tonne (t) exw-Raipur on 11 February, 2023.
Billet prices decreased amid slow booking. Demand in the finished long steel segment was high today and hence substantial bookings of finished steel were seen. However, the market in north India remained slow further impacting prices.
Transactions of around 700 t were recorded today in Raipur as against 2,400 t on 10 February.
SteelMint’s daily price assessment for rebar declined by INR 100/t, while and wire rods prices fell by INR 300/t d-o-d. Meanwhile, sponge iron prices dropped INR 350/t.
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 at INR 45,000-45,100/t were recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 45,014/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Five offers reported in the trading window and considered as T2 inputs. The average price of these five was INR 45,060/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 45,037/t, rounded to INR 45,050/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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