SteelMint’s daily steel billet index is assessed at INR 43,500/tonne (t) (+INR 200/t) exw-Raipur on 14 Aug’21.
About 2,250 t of transactions in steel billets were recorded by SteelMint today against 3,350 t on 13 Aug.
The index rebounded following the rally in prices in the northern region. However, spot trades remain subdued. Sources expect renewed buying interest to erupt in the coming week, although trends are likely to remain bearish amidst expectation of a renewed surge in prices by the primary mills.
- 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) – Five 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 43,500/t, and one deal each at INR 43,450 and INR 43,400/t. The average price of these five transactions was INR 43,449/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 43,522/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,486/t, rounded to INR 43,500/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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