SteelMint’s daily steel billet index is assessed at INR 49,000/tonne (t) (-INR 500) exw-Raipur on 18 Oct’21.
About 4,300 t of transactions in billets were recorded by SteelMint today against 3,100 t recorded on 16 Oct.
The index dropped on account of a marginal fall in buying interest, with a few buyers opting to wait and watch due to slightly weak demand for finished steel, especially rebar and wire rod.
However, industry sources believe prices of semis should not fall as input costs remain high due to high prices of coal and metalics.
- 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) – Three 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 49,000/t, and one deal at INR 48,800/t. The average price of these three transactions was INR 49,000/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 49,025/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 49,013/t, rounded to INR 49,000/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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