SteelMint billet index falls sharply by INR 1,000/t ($14) on limited trades - 21 May

SteelMint's daily billet index has been assessed at INR 41,200/t (-1,000) exw Raipur on 21st May ’21, 18:00 IST.

The index dropped rigorously on account of limited bids as the majority of re-rollers including outside buyers were out of the market today due to the prevailing bearish market trends and subdued finished steel demand.

A total of about 1,400 t billet trades were recorded by SteelMint today, which is a drop of 65% as against 4,200 t yesterday i.e. 20th May.

• 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, two trades were recorded at INR 41,400/t, two at INR 41,200/t and one deal at INR 41,000/t. The average price of these five transactions was INR 41,157/t and given a 50% weightage in the final price calculation.
  
  
• 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 41,290/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 41,224/t, rounded to INR 41,200/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative