SteelMint’s daily steel billet index is assessed at INR 42,000/tonne (t) (+INR 400) exw-Raipur on 17 Nov’21.
Around 6,655 t of transactions in billets were recorded by SteelMint today against 5,500 t on 16 Nov’21.
The index rose further on account of active demand following a surge in prices in the northern region. With rising prices of semi-finished steel, enquiries for finished steel products have also slightly improved especially in the central region, sources informed.
- 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 three trades were recorded at INR 41,900/t, two at INR 42,000/t, one deal at INR 42,200/t and one deal each at INR 41,800/t. The average price of these seven transactions was INR 41,932/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 42,000/t at 13:43 pm but was excluded due to timing.
- 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 42,043/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,988/t, rounded to INR 42,000/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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