SteelMint’s daily steel billet index is assessed at INR 47,000/tonne (t) (+INR 1,000) exw-Raipur on 1 Oct’21.
About 5,530 t of transactions in billets were recorded by SteelMint today against 4,460 t on 30 Sep.
The index climbed higher on optimistic sentiments as well active demand in the spot market.
- 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) – Ten 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 47,000/t, two deals at INR 47,100/t, two deals at INR 46,800/t, and one deal each at INR 47,500/t, and INR 46,700/t. The average price of these ten transactions was INR 46,961/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 46,500/t at 12:45 pm but was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 47,080/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,021/t, rounded to INR 47,000/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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