SteelMint: Raipur billet index rises by INR 700/t on strong demand - 29 Sep

SteelMint's daily steel billet index is assessed at INR 43,700/tonne (t) (+INR 700) exw-Raipur on 29 Sep'21.

About 8,230 t of transactions in billets were recorded by SteelMint today against 6,910 t on 28 Sep.

The index continued to rise following strong demand in the spot market amidst optimistic trends. Hence prices climbed on a deal-by-deal basis.

Sources are expecting further strengthening of offers with healthy orders in hand and an expected surge in sponge iron ore offers.

• 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) - Sixteen 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 six trades were recorded at INR 43,700/t, four deals at INR 43,800/t, four deals at INR 43,600/t, and one deal each at INR 43,900/t and INR 43,500/t. The average price of these sixteen transactions was INR 43,701/t and given a 50% weightage in the final price calculation. Apart from this two trades were recorded at INR 41,500/t and 41,300/t at 11:00 am and 1:00 pm but was excluded due to timing.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Four offers reported in the trading window and considered as T2 inputs. The average price of these four was INR 43,700/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was INR 43,700/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative