SteelMint’s billet index increased by INR 300/t to INR 46,100/tonne (t) exw-Raipur on 17 March, 2023.
Seller’s kept offers on the higher side based on fluctuating market trends and moderate deals were concluded at these prices. Prices of semi-finished and finished long steel increased marginally, although bookings remained subdued on higher offers.
Transactions of around 2,000 t were recorded today in Raipur as against 3,000 t on 16 March.
SteelMint’s daily price assessment for rebar and wire rod showed a maximum increase of INR 200/t, while sponge iron prices edged up by INR 150/t d-o-d.
Around 850 t of wire rod deals were recorded today against 1,800 t on 16 March, while 1,300 t of rebar trades were recorded in Raipur against 7,900 t yesterday.
The conversion spread of the standalone furnaces in Raipur from sponge iron (PDRI) to billets improved by INR 150/t to INR 14,700/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) – Four trades at INR 46,050-46,200/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 46,093/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 46,142/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,118/t, rounded to INR 46,100/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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