SteelMint’s daily steel billet index is assessed at INR 46,400/tonne (t) (-INR 500) exw-Raipur on 7 Oct’21.
About 1,700 t of transactions in billets were recorded by SteelMint today against 2,350 t on 6 Oct.
The index dropped further due to limited buying interest in the spot market owing to unclear market trends and the festive mood impacting the market at a few locations.
- 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) – Six 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 two trades were recorded at INR 46,500/t, two deals at INR 46,400/t, and one deal each at INR 46,300/t, and INR 46,200/t. The average price of these six transactions was INR 46,350/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 46,494/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,422/t, rounded to INR 46,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply