SteelMint’s daily steel billet index is assessed at INR 42,100/tonne (t) (-INR 700) exw-Raipur on 23 Aug’21.
About 1,700 t of transactions in steel billet were recorded by SteelMint today against 1,500 t on 21 Aug.
Prevailing sluggish trends as well limited spot trades continue to drag the index downwards.
- 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) – Four 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 two trades were recorded at INR 42,000/t, and one deal each at INR 42,150/t, and INR 42,050/t. The average price of these four transactions was INR 42,056/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Five offers reported in the trading window and considered as T2 inputs. The average price of these five was INR 42,180/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,118/t, rounded to INR 42,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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