SteelMint's billet index drops INR 200/t with limited further downside - 8 Jun

SteelMint's daily billet index is assessed at INR 42,700/t, exw Raipur, on 8 Jun'21 - down by INR 200/t on day. A total of 1,500 t of trade in steel billets was recorded today against 3,170 t yesterday i.e. 7 Jun.

The index continues to drift southwards due to limited buying. However, it seems supply shortage of billet in the spot market may support prices, not to forget power cuts in Raigarh's Punjipathra industrial area that may majorly impact production of ingot and billet.

• 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 42,500/t, and one deal at INR 42,600/t. The average price of these three transactions was INR 42,600/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 42,800/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 42,700/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative