SteelMint: Raipur billet index falls on limited bids - 1 Dec

SteelMint's daily steel billet index is assessed at INR 41,000/tonne (t) (-INR 400/t) exw-Raipur on 1 Dec'21.

About 1,030 t of transactions in billets were recorded by SteelMint today against 5,000 t on 30 Nov.

The index moved down owing to poor buying with sharp price corrections in sponge iron along with declining prices in Punjab. Thus buyers are unwilling to take positions amidst unclear market trends.

• 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) - Four 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 41,000/t, and one deal each at INR 41,300/t, and INR 40,900/t. The average price of these four transactions was INR 40,946/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 41,004/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 40,975/t, rounded to INR 41,000/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative