SteelMint’s daily steel billet index is assessed at INR 42,000/tonne (t) (=) exw-Raipur on 15 Sep’21.
About 2,950 t of transactions in billets were recorded by SteelMint today against 4,120 t on 14 Sep.
The index remains supported despite fall in trade volumes as demand remains active with mid-sized plants.
SteelMint reported yesterday that spot supply of billets is likely to drop, as one of the major producers from Raigarh in central India has reported a fall in production figures. Hence, the buying interest has shifted to the smaller players, although prices remained strong in today’s trade.
- 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) – Seven 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 three trades were recorded at INR 42,000/t, two deals at INR 42,100/t, and one deal each at INR 41,900/t, and INR 41,800/t. The average price of seven eight transactions was INR 42,013/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 41,971/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,992/t, rounded to INR 42,000/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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