SteelMint’s daily steel billet index is assessed at INR 40,800/tonne (t) (-INR 150/t) exw-Raipur on 23 Nov’21.
About 6,600 t of transactions in billets were recorded by SteelMint today against 1,900 t recorded on 22 Nov.
The index corrected slightly; however, trade volumes improved as sentiments turned positive during the late hours today, following a rebound in prices at Mandi Gobindgarh in Punjab.
Today, the demand was mostly through the stockiest/traders end, SteelMint notes, as per feed received from participants.
- 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 two trades were recorded at INR 40,800/t, two deals at INR 40,500/t, and one deal each at INR 41,000/t, INR 40,900/t, INR 40,750/t, and INR 40,700/t. The average price of these eight transactions was INR 40,782/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 40,790/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,786/t, rounded to INR 40,800/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply