SteelMint’s daily steel billet index is assessed at INR 42,200/tonne (t) (+INR 100) exw-Raipur on 24 Aug’21.
About 4,370 t of transactions in steel billet were recorded by SteelMint today against 1,700 t on 23 Aug.
The index moved up slightly following improvement in bids, which also supported trade volumes in today’s trade. However, sources are expecting billet prices to remain under pressure or else volatility in prices in view of subdued demand and slight improvement in supply of sponge iron 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) – Six 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 two trades were recorded at INR 42,200/t, two deals at INR 42,100/t, and one deal each at INR 42,300/t, and INR 42,150/t. The average price of these six transactions was INR 42,180/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 42,200/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,190/t, rounded to INR 42,200/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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