SteelMint’s daily steel billet index is assessed at INR 42,600/tonne (t) (+INR 1,150) exw-Raipur on 13 Dec’21.
About 7,920 t of transactions in billets were recorded by SteelMint today against 2,650 t on 11 Dec.
The index rose following a sharp surge in offers by suppliers and sufficient deals reported during the first half of today’s trading session.
However, in the second half limited demand was observed as well as lack of confidence among market participants. As a result, prices dropped slightly compared to the morning session.
- 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) – Twelve 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 42,800/t, three deals at INR 42,600/t, two deals each at INR 42,550/t, and INR 42,500/t, and one deal each at INR 42,700/t, and INR 42,650/t. The average price of these twelve transactions was INR 42,608/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 42,638/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,623/t, rounded to INR 42,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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