SteelMint’s daily billet index is assessed at INR 42,600/tonne (t) (+INR 300) exw-Raipur on 26 Jul’21.
About 8,920 t of transactions in steel billet were recorded by SteelMint today, which was up by over 140% as against 3,600 t on 24 Jul.
The index increased further following strong demand along with slight supply shortage of ready-to-deliver material. Hence, suppliers raised offers.
- 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 four trades were recorded at INR 42,600/t, four deals at INR 42,500/t, two deals at INR 42,400/t, and one deal each at INR 42,750/t, INR 42,550/t and INR 42,300/t. The average price of these thirteen transactions was INR 42,584/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 42,586/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,585/t, rounded to INR 42,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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