SteelMint’s daily steel billet index is assessed at INR 46,200/tonne (t) (-INR 200) exw-Raipur on 8 Oct’21.
About 4,650 t of transactions in billets were recorded by SteelMint today against 3,200 t on 7 Oct.
Although the index fell, trade volumes improved with rising prices in the northern region, mainly Punjab. Sources expect improved demand should support prices, and prices may rebound if demand for finished steel products picks up.
- 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 two trades were recorded at INR 46,300/t, two deals at INR 46,200/t, two deals at INR 46,100/t, and one deal at INR 46,000/t. The average price of these seven transactions was INR 46,196/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 46,167/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,182/t, rounded to INR 46,200/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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