SteelMint: Raipur billet index rises INR 100/t despite cautious buying - 12 Oct

SteelMint's daily steel billet index is assessed at INR 48,800/tonne (t) (+INR 100) exw-Raipur on 12 Oct'21.

About 3,660 t of transactions in billets were recorded by SteelMint today against 8,990 t on 11 Oct.

The index rose slightly but trade volumes fell over 59% on cautious buying from re-rollers. With the recent rise in gauge parity in products like structures and rebars, the buying interest for finished products remained limited today. Also, wire rod demand dropped which resulted in increase in trade discounts and weakened demand for billets.

• 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) - Seven 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 three trades were recorded at INR 48,700/t, two deals at INR 48,800/t, and one deal each at INR 49,000/t, and INR 48,900/t. The average price of these seven transactions was INR 48,817/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 48,813/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 48,815/t, rounded to INR 48,800/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative