SteelMint’s daily billet index is assessed at INR 40,650/t exw-Raipur on 6 Jul’21, down by INR 100/t on day.
SteelMint recorded a total of 4,130 t of transactions in steel billet today as against 2,600 t on 5 Jul.
The index fell slightly as bids continued to remain low even as trade volumes improved noticeably today. Market participants are expecting prices to remain volatile what with slight changes in the supply-demand balance, given the fact that standalone furnaces have slashed production, as reported by SteelMint.
- 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 three trades were recorded at INR 40,700/t, and one deal each at INR 40,650/t and at INR 40,500/t. Apart from this one trade was recorded at INR 40,800/t at 1:00 pm but was excluded due to timing. The average price of these five transactions was INR 40,657/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 40,663/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,660/t, rounded to INR 40,650/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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