SteelMint’s daily billet index is assessed at INR 41,150/t (+550) exw-Raipur on 10 Jul’21.
In all, about 3,200 t of transactions in steel billet were recorded by SteelMint today as against 4,790 t on 9 Jul.
The index rose sharply due to a spurt in prices in North India, especially Punjab, along with slight supply shortage of material ready for delivery in the Raipur market.
Amidst premium on prompt dispatch, prices increased in spot trading today. Following a sharp surge in billet prices, finished steel demand, too, improved, 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) – Eight trades were recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, three trades were recorded at INR 41,100/t, two deals each at INR 41,200/t and INR 41,150/t and one deal at INR 41,300/t. The average price of these eight transactions was INR 41,145/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 41,120/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,132/t, rounded to INR 41,150/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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