SteelMint: Raipur billet index falls as buying remains weak - 13 Nov

SteelMint's daily steel billet index is assessed at INR 42,800/tonne (t) (-INR 350) exw-Raipur on 13 Nov'21.

Around 150 t of transactions in billets were recorded by SteelMint today against 1,500 t on 12 Nov'21.

The index fell on account of poor buying interest in the spot market along with bids declining by around INR 300-500/t as against floated offers through the suppliers.

Market participants informed that they were waiting for clearer market directions to emerge before taking positions.

• 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 balance50%.
  
  
• Transactions (T1) - One trade was recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The price of that transaction was INR 42,800/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 42,839/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 42,820/t, rounded to INR 42,800/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative