SteelMint: Raipur billet index falls INR 200/t as festive mood impacts market - 16 Sep

SteelMint's daily steel billet index is assessed at INR 41,800/tonne (t) (-INR 200) exw-Raipur on 16 Sep'21.

About 2,575 t of transactions in billets were recorded by SteelMint today against 2,950 t on 15 Sep.

The index fell as spot trade activities remained low due to pujas and the ongoing festive mood and trading is expected to continue in a less active way for the coming two-three days. However, participants are optimistic that prices will rebound on renewed demand in the near term.

• 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 two trades were recorded at INR 41,800/t, and one deal each at INR 41,900/t, INR 41,800/t, and INR 41,700/t. The average price of five transactions was INR 41,820/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 41,813/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 41,816/t, rounded to INR 41,800/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative