SteelMint: Raipur billet index largely stable even as buying interest wanes

SteelMint's daily steel billet index is assessed at INR 43,150/tonne (t) (+INR 50) exw-Raipur on 12 Nov'21.

About 1,500 t of transactions in billets were recorded by SteelMint today against 2,900 t on 11 Nov'21.

The index increased slightly following rising market trends during the first half today. However, later in the day, decline in prices in the northern region - especially the Punjab market - resulted in weak spot buying.

• 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 one trade was recorded at INR 43,500/t, and one deal each at INR 43,200/t, and INR 43,100/t. The average price of these three transactions was INR 43,167/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 43,142/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 43,154/t, rounded to INR 43,150/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative