SteelMint's billet index rises even as buying remains subdued - 15 Jul

SteelMint’s daily billet index is assessed at INR 41,200/tonne (+INR 450/t) exw-Raipur on 15 Jul’21.

In all, about 2,650 t of transactions in steel billets were recorded by SteelMint today as against 2,430 t on 14 Jul.

Billet prices rebounded following active demand today as well rise in prices in north India, mainly the Punjab market. Sources said that billet prices are likely to remain volatile due to subdued demand, ongoing production curbs as well optimistic global trends.

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 41,100/t, two deals at INR 41,300/t, and one deal each at INR 41,250/t and INR 41,200/t. The average price of these six transactions was INR 41,194/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 41,100/t at 12:45 pm but was excluded due to timing.
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 41,233/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 41,214/t, rounded to INR 41,200/t exw.

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