SteelMint's billet index rises INR 250/t on active demand - 31 Aug

SteelMint's daily steel billet index is assessed at INR 41,750/tonne (t) (+INR 250) exw-Raipur on 31 Aug'21.

About 6,920 t of transactions in billets were recorded by SteelMint today against 4,985 t on 30 Aug.

The index continues to remain supported on account of improved trades as re-stocking by re-rollers continues. However, billet supply through the Raigarh-based plants are viable for Raipur now, which indicates that improvement in supplies in the coming days is unlikely to further support prices in Raipur.

• 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) - Eleven 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 41,700/t, and two deals each at INR 41,800/t and INR 41,600/t. The average price of these eleven transactions was INR 41,727/t and given a 50% weightage in the final price calculation. Apart from this two trades were recorded at INR 41,300/t and 41,500/t at 11:00 am and 1:00 pm but was excluded due to timing.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Five offers reported in the trading window and considered as T2 inputs. The average price of these five was INR 41,800/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 41,763/t, rounded to INR 41,750/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative