SteelMint’s daily steel billet index is assessed at INR 46,000/tonne (t) (+INR 2,300) exw-Raipur on 30 Sep’21.
About 4,460 t of transactions in billets were recorded by SteelMint today against 8,230 t on 29 Sep.
The index surged sharply; however, buying enquiries weakened slightly as trade volumes dropped nearly 46% compared to yesterday. Suppliers are keeping prices high following improved demand in finished products as well as higher sponge prices due to steep coal 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) – Ten 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 five trades were recorded at INR 46,000/t, four deals at INR 45,800/t, and one deal at INR 46,100/t. The average price of these ten transactions was INR 45,980/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 44,800/t at 12:45 pm but was excluded due to timing.
- 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 46,013/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 45,996/t, rounded to INR 46,000/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply