SteelMint’s billet index dropped INR 500/t to INR 45,150/tonne (t) exw-Raipur on 10 February, 2023.
Billet prices fell on declining steel prices and limited buying. Buying in the semi-finished and finished long steel segments remained weak today. In north India, the market witnessed a continuous downtrend which impacted prices.
Transactions of 2,400 t were recorded today in Raipur as against 3,300 t on 9 February.
SteelMint’s daily price assessments for rebar decreased by INR 100/t and wire rod prices declined by INR 100/t d-o-d. Meanwhile, sponge iron prices edged lower by INR 100/t.
Around 800 t of wire rod trades and 1,200 t of rebar trades were reported in Raipur today.
The conversion spread of the standalone furnaces in Raipur from sponge iron (PDRI) to billets remained flat at INR 13,750/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 45,100-45,200/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 45,108/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 45,240/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 45,174/t, rounded to INR 45,150/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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