SteelMint’s daily steel billet index is assessed at INR 42,600/tonne (t) (+INR 200) exw-Raipur on 27 Sep’21.
About 6,100 t of transactions in billets were recorded by SteelMint today against 1,560 t on 25 Sep.
The index rebounded on renewed buying interest, with market participants hoping that steel prices would remain strong on account of steep coal prices and active demand.
A majority of producers claimed that input costs have surged sharply and hence they might keep prices on the higher side in the coming weeks.
- 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) – Thirteen 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 six trades were recorded at INR 42,600/t, four deals at INR 42,500/t, two deals at INR 42,650/t, and one deal at INR 42,750/t. The average price of these thirteen transactions was INR 42,587/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 42,567/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,577/t, rounded to INR 42,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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