SteelMint’s daily steel billet index is assessed at INR 42,700/tonne (t) (-INR 150/t) exw-Raipur on 9 Aug’21.
About 4,000 t of transactions in steel billets were recorded today compared with 1,600 t on 7 Aug.
The index dropped, although bids improved following which trade volumes were recorded higher compared to Saturday. High-cost sponge iron led to prices recovery in billets as during the first the trade reference prices were hovering at INR 42,500-42,600/t exw-Raipur.
- 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 two trades were recorded at INR 42,700/t, two deals at INR 42,600/t, and one deal each at INR 43,000/t, INR 42,750/t and INR 42,400/t. The average price of these seven transactions was INR 42,672/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 42,730/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,701/t, rounded to INR 42,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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