SteelMint’s daily steel billet index is assessed at INR 41,600/tonne (t) (+INR 400) exw-Raipur on 16 Nov’21.
Around 5,500 t of transactions in billets were recorded by SteelMint today against 2,600 t on 15 Nov’21.
The index recovered following improved spot trade and trade volumes rose over two-fold compared to yesterday.
The buyers in the market have resumed purchases as prices have touched the bottom due to lack of buying over the last few days. Hence to maintain stocks and in expectation of a price recovery across products trading picked up momentum today, 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) – Ten 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 41,500/t, one deals at INR 41,600/t, one deal at INR 41,700/t and one deal each at INR 41,300/t, INR 41,400/t & INR 41,450/t. The average price of these ten transactions was INR 41,533/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 41,617/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,575/t, rounded to INR 41,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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