SteelMint’s daily billet index is assessed at INR 41,400/t (+250) exw-Raipur on 12 Jul’21.
In all, about 6,720 t of transactions in steel billet were recorded by SteelMint today as against 3,200 t on 10 Jul.
The index rose following active demand from the local as well western-India based buyers. With acceptance of higher offers, producers kept prices strong. It needs to be mentioned, moreover, that ascending prices in North India fuelled the price rally.
- 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) – Thirteen 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 five trades were recorded at INR 41,500/t, four deals at INR 41,300/t, three deals at INR 41,600/t and one deal at INR 41,400/t. The average price of these thirteen transactions was INR 41,402/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 41,443/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,422/t, rounded to INR 41,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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