SteelMint’s daily steel billet index is assessed at INR 46,300/tonne (t) (+INR 200) exw-Raipur on 29 Oct’21.
About 5,800 t of transactions in billets were recorded by SteelMint today against 1,950 t on 28 Oct.
The index rose following improved trade enquiries, with prices picking up in north India and buyers placing orders actively.
- 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) – Nine 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 five trades were recorded at INR 46,200/t, two deals each at INR 46,500/t, and INR 46,300/t. The average price of these nine transactions was INR 46,233/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 46,317/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,275/t, rounded to INR 46,300/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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