SteelMint’s billet index inched up to INR 46,600/tonne (t) (+INR 100) exw-Raipur on 21 February, 2023.
Billets prices inched up on higher offers. Trade in semi-finished and finished long steel remained moderate. The northern region market also had an impact on the current price trend. Buyers may observe market movement before making additional booking at higher levels.
Transactions of around 1,700 t were recorded today in Raipur as against 1,450 t as reported on 20 February.
SteelMint’s daily price assessments for rebars inched down by INR 100/t and wire rods prices remained stable d-o-d. Meanwhile, sponge iron prices slightly increased by INR 150/t.
Around 1,850 t of wire rods trades and 1,900 t of rebars trades were reported in Raipur today.
The conversion spread of the standalone furnaces in Raipur from sponge iron (PDRI) to billets inched up to INR 14,500/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) – Six trades at INR 46,600-46,700/t was 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 46,644/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 46,600/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,622/t, rounded to INR 46,600/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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