SteelMint’s daily steel billet index is assessed at INR 43,100/tonne (t) (-INR 600) exw-Raipur on 11 Nov’21.
About 2,900 t of transactions in billets were recorded by SteelMint today against 5,825 t on 10 Nov.
The index dropped on account of limited enquiries following poor offtake of finished steel products even as prices fell steadily. Therefore, buyers opted to hold major bookings until a rebound in demand and prices occurs in the spot market.
- 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) – Eight 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 43,000/t, two deals at INR 43,300/t, and one deal each at INR 43,200/t, and INR 43,100/t. The average price of these eight transactions was INR 43,176/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 43,073/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,124/t, rounded to INR 43,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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