SteelMint’s daily steel billet index is assessed at INR 44,500/tonne (t) (-INR 600) exw-Raipur on 8 Nov’21.
About 1,100 t of transactions in billets were recorded by SteelMint today against 2,400 t on 6 Nov.
Limited buying interest in the finished steel market has put further pressure on billet prices. As a result, spot trade remained limited and the index moved down, SteelMint notes.
- 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 44,600/t, and two deals at INR 44,500/t. The average price of these four transactions was INR 44,500/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 44,546/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 44,523/t, rounded to INR 44,500/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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