SteelMint's billet index falls by INR 400/t on demand-supply mismatch- 10 Nov

SteelMint's daily billet index has been assessed at INR 32,000/t (-400), exw Raipur on 10th Nov'20, 18:00 IST. The prices continued to decline on demand-supply mismatch. On one side trades remained slow. On the other side, supply increased as one of the Raigarh based major plant has resumed spot sales for billet after about 40 days due to weak finished steel demand.

Total of about 2,220 t billet trades recorded today, as against 1,500 t on yesterday (i.e. 9th Nov).

• 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 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 32,000/t, one at INR 31,950/t & one deal at INR 32,100/t. The average price of these five transactions was INR 31,988/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2)- Twelve offers reported in the trading window and considered as T2 inputs. The average price of these was INR 31,967/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 31,988/t, rounded to INR 32,000/t exw.

For detailed methodology - Click here

T1: Trade
T2: Offer/Bid/Indicative