SteelMint’s daily steel billet index is assessed at INR 46,400/tonne (t) (-INR 950) exw-Raipur on 22 Oct’21.
About 5,260 t of transactions in billets were recorded by SteelMint today against 370 t on 21 Oct.
Buying enquiries improved in the second half of today’s trading session amidst expectations of a rebound in prices, with renewed buying by the resellers.
Thus, spot trades improved on falling prices, which ultimately led to the index taking a slide.
- 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) – Eight 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 46,300/t, two deals at INR 46,200/t, and one deal each at INR 46,500/t, INR 46,400/t and INR 46,000/t. The average price of these eight transactions was INR 46,361/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 46,300/t at 1:00 pm but was excluded due to timing.
- 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 46,450/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,405/t, rounded to INR 46,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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