SteelMint billet index drops sharply by INR 600/t on fewer trades- 8 Mar

SteelMint daily billet index has been assessed at INR 37,700/t (-600) exw Raipur on 8th Mar'21, 18:00 IST.

A total of about 3,920 t billet trades were recorded by SteelMint today, as against 1,000 t on Saturday (i.e. 6th Mar). Few market participants highlighted that slower finished steel sales has resulted in a constant drop in billet prices. However, since the raw material prices are firm, there is no major scope for further fall in price range, highlighted trade sources.

• 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) - Seven 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 which, six trades were recorded at INR 37,700/t & one deal at INR 37,800/t. The average price of these seven transactions was INR 37,703/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 37,680/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 37,692/t, rounded to INR 37,700/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative