SteelMint’s daily billet index is assessed at INR 42,800/tonne (t) (+INR 400) exw-Raipur on 28 Jul’21.
About 6,000 t of transactions in steel billet were recorded by SteelMint today, as against 4,000 t on 27 Jul.
The index rebound following improved demand from the local as well as western region based mills and prevailing optimistic sentiments with the assumption by market participants that the primary steel mills are likely to keep prices strong for Aug deliveries.
- 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) – Twelve 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 four trades were recorded at INR 42,800/t, three deals at INR 42,700/t, two deals each at INR 42,600/t and INR 42,500/t, and one deal at 43,000/t. The average price of these twelve transactions was INR 42,753/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 42,800/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,776/t, rounded to INR 42,800/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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