SteelMint’s daily billet index is assessed at INR 43,200/tonne (t) (+INR 400) exw-Raipur on 29 Jul’21.
About 3,800 t of transactions in steel billet were recorded by SteelMint today, as against 6,000 t on 28 Jul.
Although the index rose further, major buyers remained on the sidelines due to unclear market trends, with prices rising significantly in the last two-three days. Hence, trade volumes dropped, as monitored by the index, compared with yesterday.
- 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) – Six 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 43,200/t, and one deal at 43,250/t. The average price of these six transactions was INR 43,213/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 43,229/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,221/t, rounded to INR 43,200/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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