SteelMint’s daily billet index is assessed at INR 40,750/t exw-Raipur on 5 Jul’21, up INR 50/t on day.
SteelMint recorded a total of 2,600 t of transactions in steel billet today as against 2,620 t on 3 Jul.
The index rose slightly amidst a marginal fall in billet supply in the spot market due to production cuts. In addition, the price rise can be attributed to the rally in steel ingot prices in the country’s northern region – Punjab.
- 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) – Six 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 40,700/t, two deals at INR 40,900/t, and one deal at INR 40,800/t. The average price of these six transactions was INR 40,819/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 40,690/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,755/t, rounded to INR 40,750/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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