SteelMint’s daily steel billet index is assessed at INR 43,600/tonne (t) (-INR 900) exw-Raipur on 9 Nov’21.
About 3,150 t of transactions in billets were recorded by SteelMint today against 1,100 t on 8 Nov.
The index continued to drift down on the back of sluggish demand – rising trade discounts – amidst increasing stocks of finished steel products at major locations of the country.
Declining prices drove sellers to aggressively sell off material, which led to the price falling on a deal-by-deal basis, SteelMint notes.
- 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) – Seven 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 43,600/t, two deals at INR 43,500/t, and one deal each at INR 43,650/t, INR 43,400/t, and INR 43,300/t. The average price of these seven transactions was INR 43,586/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 43,643/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,615/t, rounded to INR 43,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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