SteelMint: Raipur billet index rises by INR 300/t on strong demand - 12 Aug

SteelMint's daily steel billet index is assessed at INR 43,400/tonne (t) (+INR 300/t) exw-Raipur on 12 Aug'21.

About 4,700 t of transactions in steel billets were recorded by SteelMint today against 5,025 t on 11 Aug.

The index inched up today following higher offers and shortage of sponge iron in the spot market.

• 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) - Eleven 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 five trades were recorded at INR 43,500/t, three deals at INR 43,300/t, and one deal each at INR 43,400/t, INR 43,350/t and INR 43,200/t. The average price of these eleven transactions was INR 43,385/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 43,400/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 43,393/t, rounded to INR 43,400/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative