SteelMint's billet index rises further while major buyers hold bookings - 1 Sep

SteelMint's daily steel billet index is assessed at INR 42,100/tonne (t) (+INR 350) exw-Raipur on 1 Sep'21.

About 4,020 t of transactions in billets were recorded by SteelMint today against 6,920 t on 31 Aug.

Although the index rallied, buyers backed out from procuring material on revised (higher) offers through the suppliers as global trends remained sluggish. Thus, trade volumes on a daily basis declined nearly 2,900 t.

• 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) - Ten trades were recorded in the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which four trades were recorded at INR 42,200/t, four deals at INR 42,100/t and one deal each at INR 42,150/t and INR 42,000/t. The average price of these ten transactions was INR 42,104/t and 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 42,075/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 42,090/t, rounded to INR 42,100/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative