SteelMint: Raipur billet index rises INR 200/t despite sluggish demand - 28 Oct

SteelMint's daily steel billet index is assessed at INR 46,100/tonne (t) (+INR 200) exw-Raipur on 28 Oct'21.

About 1,950 t of transactions in billets were recorded by SteelMint today against 2,400 t on 27 Oct.

Trading continued to remain below par as a majority of buyers held back from booking fresh material amidst unclear market trends on the eve of Diwali in the coming week. This is likely to impact logistics too.

However, rising prices in the northern region, especially Punjab, have prompted suppliers to keep prices strong even in the face of limited demand.

• 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) - Three 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 46,100/t, and one deal at INR 46,000/t. The average price of these three transactions was INR 46,079/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 46,071/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 46,075/t, rounded to INR 46,100/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative