SteelMint: Raipur billet index increases INR 500/t on active buying – 4 Oct

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SteelMint’s daily steel billet index is assessed at INR 47,500/tonne (t) (+INR 500) exw-Raipur on 4 Oct’21.

About 3,075 t of transactions in billets were recorded by SteelMint today against 5,530 t on 1 Oct.

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 1:00 pm to 4:00 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which three trades were recorded at INR 47,500/t, two deals at INR 47,400/t, two deals at INR 47,300/t, and one deal at INR 47,700/t. The average price of these eight transactions was INR 47,523/t and given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 47,433/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 47,478/t, rounded to INR 47,500/t exw.