SteelMint’s billet index increased by INR 250/t d-o-d to INR 45,950/tonne (t) exw-Raipur on 22 March, 2023.
Sellers kept offers on the higher side amid fluctuating market trends even as moderate orders were booked at these prices. Also, prices of semi-finished and finished long steel increased marginally as sentiments in the north Indian market remained supportive.
Transactions of around 1,900 t were recorded today in Raipur as against 3,320 t on 21 March.
SteelMint’s daily price assessment for sponge iron increased by INR 200/t today, while rebar and wire rod prices rose by INR 100/t d-o-d.
Around 1,100 t of wire rod and 5,100 t of rebar deals were recorded in Raipur today.
The conversion spread of the standalone furnaces in Raipur from sponge iron (P-DRI) to billets stands at INR 15,050/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 45,900-46,150/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 45,963/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 45,958/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 45,961/t, rounded to INR 45,950/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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