SteelMint's billet index falls even as trade volumes improve - 14 Jun

SteelMint’s daily billet index is assessed at INR 42,400/t (-400/t), exw Raipur, on 14 Jun’21.

While the index dropped, transaction volumes improved, posting around 3,100 t of total trades today against 1,100 t on 12 Jun.

The index continues to drift downwards owing to low bids quoted by re-rollers amid limited finished steel demand.

Meanwhile, SteelMint has come to learn from sources that a few mills have resumed operations at the Punjipathra industrial area in Chhattisgarh’s Raigarh that could trigger increased buying at reduced prices.

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) – Five 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, three trades were recorded at INR 42,300/t and two deals at INR 42,300/t. The average price of these five transactions was INR 42,429/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 42,400/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 42,415/t, rounded to INR 42,400/t exw.

Click for detailed methodology