SteelMint: Raipur billet index drops INR 300/t despite enquiries recovering towards market closing - 8 Sep

SteelMint's daily steel billet index is assessed at INR 40,600/tonne (t) (-INR 300) exw-Raipur on 8 Sept'21.

About 3,525 t of transactions in billets were recorded by SteelMint today against 2,750 t on 7 Sept.

The index dropped, however buying enquiries improved towards the market close with spot trades gaining momentum amid increasing prices in Punjab. It is expected that, if the prices in Punjab remain supported, the offers in the other regions may also remain supported.

• 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) - Six 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 three trades were recorded at INR 40,500/t, and one deal each at INR 40,700/t, INR 40,600/t and INR 40,550/t. The average price of these six transactions was INR 40,602/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 40,583/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 40,593/t, rounded to INR 40,600/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative