SteelMint’s daily billet index is assessed at INR 41,600/t (-200/t), exw Raipur, on 24 Jun’21. Around 2,400 t of transactions in steel billet were recorded today against 2,200 t yesterday.
The index continued to trend downwards as demand for finished steel products remains persistently weak. Besides, a few steel mills (standalone furnaces as well as hot rolling mills) in Raipur are planning to cut production in July due to mounting losses in billet trade and rising rebar stocks.
- 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 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which one trade was recorded at INR 41,900/t, and one deal each at INR 41,700/t, INR 41,600/t and INR 41,500/t. The average price of these four transactions was INR 41,600/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 41,645/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,623/t, rounded to INR 41,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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