SteelMint’s daily steel billet index is assessed at INR 41,200/tonne (t) (+INR 700/t) exw-Raipur on 26 Nov’21.
About 5,950 t of transactions in billets were recorded by SteelMint today against 3,760 t on 25 Nov.
The index rebounded as trade volumes improved on active demand in the first half of the day. However, in the later half, falling prices in Punjab turned the market bearish, which kept away buyers from taking positions.
- 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) – Nine 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 three trades were recorded at INR 41,300/t, three deals at INR 41,200/t, and one deal each at INR 41,400/t, INR 41,350/t, and INR 41,250/t. The average price of these nine transactions was INR 41,272/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 41,200/t at 12:00 pm but was excluded due to timing.
- 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 41,171/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,222/t, rounded to INR 41,200/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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