SteelMint: Raipur billet index remains stable on firm demand - 9 Jun
SteelMint’s daily steel billet index was assessed at INR 44,400/tonne (t) (=) exw-Raipur on 9 June 2022. About 4,150 tonnes (t) of transactions in billets were recor...
SteelMint's daily steel billet index was assessed at INR 44,400/tonne (t) (=) exw-Raipur on 9 June 2022.
About 4,150 tonnes (t) of transactions in billets were recorded by SteelMint today as against 3,850 t on 8 June.
The index stayed firm with firm demand in the spot market over the last couple of days following a slight change in sponge iron prices, which lent some stability to billet offers in today's trade.
However, sources informed that if finished steel demand remains limited producers may be forced to slash sponge iron and billet prices.
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) - Eleven trades in the range of INR 44,400-44,600/t were recorded during the 2:30 pm to 05:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 44,507/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators - bids/offers/indicative (T2) - Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 44,318/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 44,413/t, rounded to INR 44,400/t exw.
T1 - Trade, T2 - offer/bid/indicative, *Normalized price as per methodology