SteelMint: Raipur billet index drops by INR 100/t as bids edge lower - 13 Aug

SteelMint's daily steel billet index is assessed at INR 43,300/tonne (t) (-INR 100/t) exw-Raipur on 13 Aug'21.

About 3,350 t of transactions in steel billets were recorded by SteelMint today against 4,700 t on 12 Aug.

The index moved downwards due to lower bids; however, a major fall is unlikely due to high sponge iron offers along with sufficient orders with suppliers.

• 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) - Six 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 43,200/t, and one deal each at INR 43,400/t, INR 43,350/t, INR 43,300/t and INR 43,100/t. The average price of these six transactions was INR 43,298/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 43,320/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 43,309/t, rounded to INR 43,300/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative