SteelMint’s daily billet index is assessed at INR 41,700/tonne (+INR 500) exw-Raipur on 17 Jul’21.
In all, about 1,400 t of transactions in steel billets were recorded by SteelMint today as against 4,250 t on 16 Jul.
The index rose sharply due to a slight supply shortage along with price rally in the northern region – Punjab. However, with a sharp surge in billet prices, buyers are feeling that it would be risky to take positions. Hence, trade volumes dropped today.
- 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 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, three trades were recorded at INR 41,800/t, and one deal each at INR 41,700/t and INR 41,600/t. The average price of these five transactions was INR 41,700/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 41,725/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,713/t, rounded to INR 41,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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