SteelMint’s daily steel billet index is assessed at INR 42,850/tonne (t) (-INR 300/t) exw-Raipur on 7 Aug’21.
About 1,600 t of transactions in steel billets were recorded today compared with 4,920 t on 6 Aug.
Limited bids as well poor buying interest weighed on the Raipur billet index. A majority of buyers were out of market and the suppliers were aggressive, which resulted in the price correction in today’s trade, 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 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 42,800/t, and one deal each at INR 43,300/t, INR 43,000/t and INR 42,900/t. The average price of these six transactions was INR 42,843/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 42,850/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,846/t, rounded to INR 42,850/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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