SteelMint’s daily billet index is assessed at INR 43,100/t, exw Raipur, on 10 Jun’21 – up by INR 500/t ($7) on day. A total of 5,500 t of transactions in steel billet were recorded today against 4,860 t yesterday i.e. 9 Jun.
The index rose on slight supply crunch in the spot market while demand stayed firm. In addition, a surge in billet prices in the northern region and prevailing positive market trends have fueled 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) – Nine 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 43,300/t, three at INR 43,100/t, two at INR 43,000/t and one deal at INR 42,900/t. The average price of these nine transactions was INR 43,093/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 43,078/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,085/t, rounded to INR 43,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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