SteelMint’s billet index stands unchanged at INR 47,250/tonne (t) (=) exw-Raipur on 7 January, 2023.
Billet prices remained stable amid subdued demand and limited buying today. Trades in semi-finished and finished long steel were also slow. Prices may move higher in the coming week as market sentiments seem to be positive.
Transactions of around 1,200 t were recorded today in Raipur as against 1,200 t on 6 January.
SteelMint’s daily price assessments for wire rod, rebar and sponge Iron remained unchanged today.
The conversion spread of the standalone furnaces in Raipur from sponge iron (PDRI) to billets declined by INR 150/t at INR 14,900/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) – One trade at INR 47,300/t was 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 47,300/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 47,196/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,248/t, rounded to INR 47,250/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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