SteelMint’s daily steel billet index is assessed at INR 43,400/tonne (t) (-INR 200/t) exw-Raipur on 3 Aug’21.
About 3,450 t of transactions in steel billets were recorded by SteelMint today, as against 5,470 t on 2 Aug.
The index declined today following a drop in trade volumes owing to limited participation, as ingot and billet prices in the northern region, mainly Punjab, dropped by INR 700/t, d-o-d.
Sources said billet prices should not drop further, especially in central India, because of sufficient orders with suppliers and higher sponge iron prices due to supply shortage, SteelMint notes.
- 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 three trades were recorded at INR 43,400/t, two deals at INR 43,500/t, and one deal at INR 43,300/t. The average price of these six transactions was INR 43,429/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 43,417/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,423/t, rounded to INR 43,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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