SteelMint’s daily steel billet index is assessed at INR 41,250/tonne (t) (-INR 500) exw-Raipur on 27 Aug’21.
About 3,300 t of transactions in steel billet were recorded by SteelMint today against 3,400 t on 26 Aug.
Following lower bids, the index drifted down; however, trade volumes stayed firm today.
SteelMint learnt that there was lack of confidence among participants about prices finding support in the short term. Hence bids continued to trend lower.
- 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 41,200/t, and one deal each at INR 41,250/t and INR 41,000/t. The average price of these four transactions was INR 41,276/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 41,217/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,246/t, rounded to INR 41,250/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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