SteelMint’s daily billet index is assessed at INR 42,400/tonne (t) (-INR 200) exw-Raipur on 27 Jul’21.
About 4,000 t of transactions in steel billet were recorded by SteelMint today, as against 8,920 t on 26 Jul.
The index dropped slightly due to falling prices in Punjab, north India. However, sources are expecting billet prices to remain supported as there is no selling pressure on the part of producers, although supply of ready-delivery material remains tight.
- 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) – Nine 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 three trades were recorded at INR 42,300/t, two deals at INR 42,500/t, and one deal each at INR 42,700/t, INR 42,600/t, INR 42,450/t and INR 42,400/t. The average price of these nine transactions was INR 42,426/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 42,413/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,419/t, rounded to INR 42,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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