SteelMint’s daily steel billet index is assessed at INR 42,000/tonne (t) (+INR 300) exw-Raipur on 14 Sept’21.
About 4,120 t of transactions in billets were recorded by SteelMint today against 5,970 t on 13 Sept.
The index rallied following active demand as well expectations of slight supply shortage in the coming days, as a major Raigarh-based supplier has reported a fall in production by 40%. As a result, all other suppliers are keeping prices strong.
- 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) – Eight 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 42,000/t, and one deal each at INR 41,950/t, INR 41,900/t, INR 41,800/t, and INR 41,700/t. The average price of these eight transactions was INR 41,969/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 41,983/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,976/t, rounded to INR 42,000/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply