SteelMint’s daily steel billet index is assessed at INR 41,200/tonne (t) (-INR 1,600) exw-Raipur on 15 Nov’21.
Around 2,600 t of transactions in billets were recorded by SteelMint today against 150 t on 13 Nov’21.
The index plunged today on account of low bids and poor buying interest for finished steel products. The supply of billets remained strong in the spot market and prices fell sharply on a d-o-d basis.
The previous lowest level that the Raipur billet index had touched was INR 40,600/t exw on 8 Sep’21.
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) – Four trades were recorded in the 2:30 to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The price of each transaction was INR 41,500/t, INR 41,250/t, while the remaining two transactions were recorded at INR 41,000/t and given a 50% weightage in the final price calculation. The average price of these four transactions was INR 41,163/t and given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 41,210/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,187/t, rounded to INR 41,200/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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