SteelMint’s daily steel billet index is assessed at INR 41,400/tonne (t) (-INR 350) exw-Raipur on 11 Sept’21.
About 1,950 t of transactions in billets were recorded by SteelMint today against 3,720 t on 10 Sept.
The index fell as market participants lowered bids amidst bullish trends today, following healthy purchases in the last couple of days. Buyers were in no hurry whatsoever and quoted bids that were around INR 300-400/t lower than prevailing offers.
- 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) – Six 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, two trades were recorded at INR 41,700/t, two deals at INR 41,400/t, and one deal each at INR 41,500/t and INR 41,200/t. The average price of these six transactions was INR 41,323/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 41,486/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,404/t, rounded to INR 41,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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