SteelMint's billet index drops further on limited enquiries - 3 Sep

SteelMint's daily steel billet index is assessed at INR 41,700/tonne (t) (-INR 200) exw-Raipur on 3 Sept'21.

About 2,520 t of transactions in billets were recorded by SteelMint today against 5,870 t on 2 Sept.

The index drifted down due to weak buying as well lower bids amidst uncertain market trends as sponge prices remained strong, while finished steel demand hovered at levels below average, as per market sources.

• 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) - Five 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 41,800/t, two deals at INR 41,600/t and one deal at INR 41,700/t. The average price of these five transactions was INR 41,669/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 41,700/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 41,685/t, rounded to INR 41,700/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative