SteelMint’s daily steel billet index is assessed at INR 42,800/tonne (t) (-INR 400) exw-Raipur on 21 Aug’21.
About 1,500 t of transactions in steel billet were recorded by SteelMint today against 1,920 t on 20 Aug.
Demand remains consistently weak in the backdrop of sluggish market trends, which has triggered a decline in index prices. The major buyers are staying away from adopting price positions which, in turn, has resulted in falling trade volumes, 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) – Three 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, two trades were recorded at INR 42,800/t, and one deal at INR 42,700/t. The average price of these three transactions was INR 42,767/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 42,800/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,783/t, rounded to INR 42,800/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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