SteelMint’s daily steel billet index is assessed at INR 42,550/tonne (t) (-INR 200) exw-Raipur on 22 Sep’21.
About 3,680 t of transactions in billets were recorded by SteelMint today against 5,840 t recorded on 21 Sep.
The index dropped slightly following lower bids and limited buying interest. However, market sources believe prices should not fall further due to high sponge prices along with rising coal prices.
- 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 six trades were recorded at INR 42,600/t, four deals at INR 42,500/t, and one deal each at INR 42,700/t, and INR 42,400/t. The average price of these twelve transactions was INR 42,547/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 42,588/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,567/t, rounded to INR 42,550/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply