SteelMint’s daily billet index is assessed at INR 43,100/tonne (t) (-INR 100) exw-Raipur on 30 Jul’21.
About 4,090 t of transactions in steel billet were recorded by SteelMint today, as against 3,800 t on 29 Jul.
Although the index dropped marginally, trade volumes remained more or less unaltered. Meanwhile, SteelMint learnt that a few buyers chose not to make purchases today as they are waiting for the OMC iron ore auction results, for which neither the level of participation nor the price movements can be accurately predicted.
- 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 one deal at INR 43,200/t, INR 43,150/t, INR 43,100/t, INR 43,025/t, INR 43,000/t, INR 42,900/t and INR 42,800/t were recorded. The average price of these seven transactions was INR 43,075/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 43,133/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,104/t, rounded to INR 43,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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