SteelMint’s daily steel billet index is assessed at INR 45,300/tonne (t) (-INR 500) exw-Raipur on 3 Nov’21.
About 1,300 t of transactions in billets were recorded by SteelMint today against 4,400 t on 2 Nov.
The index continued to drift down on account of limited trade activities along with desperate sale by a few sellers resulting in a sharp fall in prices.
Trade activities are likely to resume full-fledged from next week, sources informed.
- 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) – Two 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 45,300/t, and one deal at INR 45,200/t. The average price of these two transactions was INR 45,255/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 45,500/t at 12:20 pm but was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 45,358/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 45,306/t, rounded to INR 45,300/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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