SteelMint’s daily steel billet index is assessed at INR 47,350/tonne (t) (-INR 350) exw-Raipur on 21 Oct’21.
About 370 t of transactions in billets were recorded by SteelMint today against 2,400 t on 20 Oct.
The index dived down on account of poor finished steel sales despite healthy trade discounts for buyers.
Industry sources said that following a slight decline in coal prices, sentiments turned negative, as a result of which buyers are holding fresh bookings.
- 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) – Two 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 one trade was recorded at INR 47,700/t, and one deal at INR 47,200/t. The average price of these two transactions was INR 47,335/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 47,385/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 47,360/t, rounded to INR 47,350/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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