SteelMint’s daily steel billet index is assessed at INR 46,000/tonne (t) (-INR 400) exw-Raipur on 23 Oct’21.
About 1,800 t of transactions in billets were recorded by SteelMint today against 5,260 t on 22 Oct.
Limited buying interest in the finished steel market has put further pressure on billet prices. As a result, spot trades remained limited and the index moved down, SteelMint notes.
- 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) – Five trades were recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, two trades were recorded at INR 46,000/t, two deals at INR 45,800/t, and one deal at INR 46,100/t. The average price of these five transactions was INR 45,956/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 46,070/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,013/t, rounded to INR 46,000/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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