SteelMint: Raipur billet index rises as trades improve, bids rise - 29 Nov

SteelMint's daily steel billet index is assessed at INR 41,450/tonne (t) (+INR 350/t) exw-Raipur on 29 Nov'21.

About 6,060 t of transactions in billets were recorded by SteelMint today, against 2,400 t on 27 Nov'21.

The index rose following improved bids as well spot trades. Amidst surging steel prices in the northern region, finished steel demand also improved, as reported by trade sources.

• 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) - Ten 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 41,300/t, three deals each at INR 41,450/t, and INR 41,400/t. The average price of these ten transactions was INR 41,368/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 41,200/t at 12:00 pm but was excluded due to timing.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 41,494/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 41,431/t, rounded to INR 41,450/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative