SteelMint’s daily steel billet index is assessed at INR 43,700/tonne (t) (+INR 100) exw-Raipur on 10 Nov’21.
About 5,825 t of transactions in billets were recorded by SteelMint today against 3,150 t on 9 Nov.
The index rebounded following rising trade volumes during the first half today. However, later on in the day, the decline in prices in the northern region – the Punjab market – resulted in weak spot buying.
- 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) – Seven 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 43,700/t, two deals at INR 43,800/t, and one deal each at INR 44,000/t, and INR 43,900/t. The average price of these seven transactions was INR 43,794/t and given a 50% weightage in the final price calculation. Apart from this two trades were recorded at INR 44,000/t at 1:00 and 1:30 pm but was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 43,650/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,722/t, rounded to INR 43,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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