SteelMint’s daily steel billet index is assessed at INR 45,400/tonne (t) (-INR 700) exw-Raipur on 26 Oct’21.
About 3,200 t of transactions in billets were recorded by SteelMint today against 3,025 t on 25 Oct.
Spot buying was limited during the first half today. However, later in the day, improvement in demand was reported and offers recovered, although they were expected to drop.
The trade discounts for finished steel products also reduced slightly in the late hours today.
- 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) – Five 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 one trade was recorded at INR 45,400/t, and one deal each at INR 45,350/t, INR 45,300/t, INR 45,250/t, and INR 45,200/t. The average price of these five transactions was INR 45,358/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 45,475/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 45,417/t, rounded to INR 45,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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