SteelMint’s daily billet index has been assessed at INR 41,400/t (-500) exw Raipur on 24th May’21, 18:00 IST.
The index dropped following volatility in domestic steel prices seen in the last few days, which turn resulted in limited buying as buyers kept away from taking positions & booked volumes to meet the urgent needs.
A total of about 2,000 t billet trades were recorded by SteelMint today as against 5,550 t on Saturday i.e. 22nd May.
- 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) – Three trades were recorded in the 2:30pm 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 41,100/t, one at INR 41,200/t and one deal at INR 41,500/t. The average price of these three transactions was INR 41,329/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 41,433/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,381/t, rounded to INR 41,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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