SteelMint billet index (Exw Raipur) has been assessed at INR 28,750/t (+550), Exw Raipur on 24th July, 18:00 IST.
- 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 – Twelve trades were recorded in the 2.30 to 5.30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of these, five trades were concluded at INR 28,700/t, while two deals got concluded at INR 28,600/t, two trades were at INR 28,850/t, two deals at INR 28,900/t & one deal at INR 28,550/t. Two deals reported at INR 28,500 & INR 28,600 EXW Durg have been excluded from the final price due to the location. The average price of these twelve transactions was INR 28,729/t and given a 50% weightage in the final price calculation.
- Other Price Indicators (Firm bids/offers) T2 – There were Eleven offers reported in the trading window and considered as T2 inputs. The average price of these was INR 28,777/t and given a 50% weightage in the final price calculation.
The final price for billet ex-Raipur was INR 28,753/t, rounded to INR 28,750/t Exw.
Observation
- Some trades are reported as high as INR 28,900 and 29,000/t on Exw & FoR Raipur respectively.
- Active buying from pipe and wire rod mills support price hike.
- Tight supply of raw material and sponge iron lending support to prices.
For detailed methodology – click here
Billet prices of all Indian markets click here
T1: Trade
T2: Offer/Bid/Indicative
Offer and Trade reported during 11:00 to 14:30 IST are not considered in the index calculation
Basic price in INR/t, excluding GST @ 18%
Source: SteelMint Research
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