SteelMint's billet index slides further by INR 200/t - 23 Jul

SteelMint's daily billet index is assessed at INR 42,100/tonne (t) (-INR 200) exw-Raipur on 23 Jul'21.

About 3,520 t of transactions in steel billets were recorded by SteelMint today as against 2,300 t on 22 Jul.

The index kept trending down on a persistent drop in ingot and billet prices in the northern region - Punjab. However, in view of the supply scenario as well orders with suppliers, market participants expect billet prices to rebound soon provided demand improves further.

• 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 five trades were recorded at INR 42,200/t, two deals at INR 42,000/t, and one deal at INR 42,100/t. The average price of these eight transactions was INR 42,128/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 42,117/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 42,122/t, rounded to INR 42,100/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative