SteelMint’s daily steel billet index is assessed at INR 43,200/tonne (t) (-INR 300) exw-Raipur on 20 Aug’21.
About 1,920 t of transactions in steel billet were recorded by SteelMint today against 2,650 t on 19 Aug.
The index fell further following limited demand and lower bids in the spot market. With a sharp drop in pellet prices in the domestic market, along with expected improve supply of sponge iron, sources are expecting semi-finished steel prices to remain under pressure in the coming days.
- 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) – Four 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 two trades were recorded at INR 43,200/t, and one deal each at INR 43,500/t, and INR 43,100/t. The average price of these four transactions was INR 43,246/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 43,200/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,223/t, rounded to INR 43,200/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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