SteelMint’s daily steel billet index is assessed at INR 43,100/tonne (t) (+INR 600/t) exw-Raipur on 11 Aug’21.
About 5,025 t of transactions in steel billets were recorded today compared with 4,140 t on 10 Aug, a straight rise of over 21% d-o-d.
The index remains strong following active demand as well increase in prices in the northern region – Punjab. In addition, higher sponge iron prices along with supply shortage nudged billet producers to quote higher prices.
- 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 four trades were recorded at INR 43,100/t, three deals at INR 43,000/t, and one deal at INR 43,150/t. The average price of these eight transactions was INR 43,067/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 43,129/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,098/t, rounded to INR 43,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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