SteelMint: Raipur billet index falls INR 250/t - 2 Nov

SteelMint's daily steel billet index is assessed at INR 45,800/tonne (t) (-INR 250) exw-Raipur on 2 Nov'21.

About 4,400 t of transactions in billets were recorded by SteelMint today against 2,600 t on 1 Nov.

The index fell following a drop in sponge iron and finished steel prices. However, despite decline in billet offers, trade volumes improved as re-rollers need to maintain raw material stocks due to logistical concerns during the festive season.

• 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) - Eight 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 46,000/t, three deals at INR 45,800/t, and one deal each at INR 45,700/t, and INR 45,600/t. The average price of these eight transactions was INR 45,843/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 45,780/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 45,812/t, rounded to INR 45,800/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative