SteelMint’s daily steel billet index is assessed at INR 47,400/tonne (t) (-INR 100) exw-Raipur on 5 Oct’21.
About 5,300 t of transactions in billets were recorded by SteelMint today against 3,075 t on 4 Oct.
The index dropped slightly owing to low bids as buyers remained cautious about booking material at high offers.
- 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 47,400/t, and one deal each at INR 47,800/t, INR 47,450/t, INR 47,350/t and INR 47,200/t. The average price of these seven transactions was INR 47,389/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 47,440/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,415/t, rounded to INR 47,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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