SteelMint: Raipur billet index slips INR 400/t as trade stagnates - 25 Nov

SteelMint's daily steel billet index is assessed at INR 40,500/tonne (t) (-INR 400/t) exw-Raipur on 25 Nov'21.

About 3,760 t of transactions in billets were recorded by SteelMint today against 4,000 t on 24 Nov.

The index kept trending down as trade volumes slipped further owing to weak finished steel demand. Today trade discounts for wire rod in Raipur increased by INR 200-300/t to INR 1,600-1,800/t through the resellers.

However, a few sources are expecting that prices may witness an uptick as a result of rebound in coal prices.

• 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) - Eight 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 seven trades were recorded at INR 40,500/t, and one deal at INR 40,800/t. The average price of these eight transactions was INR 40,500/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 40,525/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 40,513/t, rounded to INR 40,500/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative