SteelMint’s daily steel billet index is assessed at INR 43,450/tonne (t) (+INR 50/t) exw-Raipur on 4 Aug’21.
About 2,350 t of transactions in steel billets were recorded by SteelMint today, as against 3,450 t on 3 Aug.
The index inched up slightly today following higher offers and shortage of sponge iron in the spot market. However, trade enquiries remained poor and a majority of bids for billet were reported lower by around INR 200/t compared to the offers. Hence, trade volumes remained limited.
- 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) – Seven 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, and two deals each at INR 43,600/t and INR 43,500/t. The average price of these seven transactions was INR 43,440/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 43,488/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,464/t, rounded to INR 43,450/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply