SteelMint: Raipur billet index drops INR 450/t on sluggish market trends - 26 Aug

SteelMint's daily steel billet index is assessed at INR 41,750/tonne (t) (-INR 450) exw-Raipur on 26 Aug'21.

About 3,400 t of transactions in steel billet were recorded by SteelMint today against 5,000 t on 25 Aug.

The index continued trending downwards on account of low bids and limited demand owing to prevailing sluggish global market trends. The bids quoted by buyers were lower by INR 200-300/t compared to prevailing offers which led to a sustained price correction in spot trades.

• 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) - Five 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 41,800/t, and two deals at INR 41,700/t. The average price of these five transactions was INR 41,753/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 41,760/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 41,756/t, rounded to INR 41,750/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative