SteelMint’s daily steel billet index is assessed at INR 41,150/tonne (t) (-INR 100) exw-Raipur on 28 Aug’21.
About 1,700 t of transactions in steel billet were recorded by SteelMint today against 3,300 t on 27 Aug.
The index drifted down following low bids and limited trade in the spot market as rumours are doing the rounds among market participants that semi-finished steel prices are likely to remain under pressure due to weak demand and falling raw materials prices.
- 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 41,100/t, and one deal at INR 41,200/t. The average price of these three transactions was INR 41,147/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 41,157/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,152/t, rounded to INR 41,150/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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