SteelMint’s billet index falls by INR 200/t on dull inquiries – 7 Jul

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SteelMint’s daily billet index is assessed at INR 40,450/t exw-Raipur on 7 Jul’21, down by INR 200/t d-o-d.

SteelMint recorded a total of 2,500 t of transactions in steel billets today as against 4,130 t on 6 Jul.

The index dropped on account of limited inquiries following dull seasonal demand for finished steel.

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 40,500/t, two deals at INR 40,400/t and one deal at INR 40,350/t. The average price of these five transactions was INR 40,433/t and given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2) – Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 40,500/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 40,467/t, rounded to INR 40,450/t exw.