SteelMint: Raipur billet index falls INR 400/t as bids edge lower - 10 Dec

SteelMint's daily steel billet index is assessed at INR 41,000/ton (t) (- INR 400/t) exw-Raipur on 10 Dec'21.

About 2,900 t of transactions in billets were recorded by SteelMint today against 5,190 t on 9 Dec.

The index edged down on account of lower bids and limited demand following a price correction in the northern region, Punjab. This deterred buyers from taking positions, SteelMint notes.

• 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) - Six 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 41,100/t, two deals at INR 40,800/t, and one deal each at INR 41,200/t, and INR 41,000/t. The average price of these six transactions was INR 41,015/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 41,013/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 41,014/t, rounded to INR 41,000/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative