SteelMint billet index drops by INR 600/t on limited trades- 18th Aug

SteelMint billet index (Exw Raipur) has been assessed at INR 31,100/t (-600), Exw Raipur on 18th August, 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 - One trade was recorded at INR 31,100/t in the 2.30 to 5.30 pm SteelMint trading window and considered for final price calculation as T1 inputs.
  
  
• Other Price Indicators (Firm bids/offers) T2 - There were fourteen offers reported in the trading window and considered as T2 inputs. The average price of these was INR 31,131/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet ex-Raipur was INR 31,116/t, rounded to INR 31,100/t Exw.

Observations

• Re-rollers hold fresh bookings of raw materials due to limited demand & mounting stock.
  
  
• Markets expect prices should not rally, resulting in aggressive selling by plants & traders.
  
  

For detailed methodology - 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