SteelMint: Raipur billet index falls INR 250/t on lower bids - 23 Sep

SteelMint's daily steel billet index is assessed at INR 42,300/tonne (t) (-INR 250) exw-Raipur on 23 Sep'21.

About 2,240 t of transactions in billets were recorded by SteelMint today against 3,680 t on 22 Sep.

The index fell further owing to limited participation and lower bids as well as declining prices in the north India, especially the Punjab market. Hence, the suppliers were forced to deal at lower prices today and only limited trade took place.

• 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) - Seven 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 four trades were recorded at INR 42,200/t, and one deal each at INR 42,400/t, INR 42,300/t, and INR 42,250/t. The average price of these seven transactions was INR 42,308/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 42,322/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 42,315/t, rounded to INR 42,300/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative