SteelMint: Raipur billet index falls even as trades improve on lower offers - 17 May
SteelMint’s daily steel billet index was assessed at INR 51,000/tonne (t) (-INR 350) exw Raipur on 17 May’22. About 7,875 t of transactions in billets were...
SteelMint's daily steel billet index was assessed at INR 51,000/tonne (t) (-INR 350) exw Raipur on 17 May'22.
About 7,875 t of transactions in billets were recorded by SteelMint today as against 1,400 t on 16 May.
The index fell further, although spot trades improved on lower offers following a rebound in steel prices in north India during afternoon trading.
With improved demand, selling pressure lessened for a couple of major billet producers in the central region. Hence, there are slim chances of a rigorous drop in offers in the coming time, sources informed SteelMint.
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) - Nine trades in the range of INR 50,700-51,700/t were 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 50,988/t which is given a 50% weightage in the final price calculation. Apart from this two trades at INR 50,700/t were also recorded at 2:06 pm and 5:52 pm, but was excluded due to timing.
- 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 51,050/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 51,019/t, rounded to INR 51,000/t exw.
T1 - Trade, T2 - offer/bid/indicative, *Normalized price as per methodology