SteelMint’s daily steel billet index is assessed at INR 46,300/tonne (t) (+INR 100) exw-Raipur on 9 Oct’21.
About 4,300 t of transactions in billets were recorded by SteelMint today against 4,650 t on 8 Oct.
The index rebounded, after a spell of constant decline, on account of improved demand in finished steel products, especially in wire rods as trade discounts fell by INR 600-800/t, d-o-d.
Out of the total billet trades in Raipur index about 40% of material was procured by wire rod manufacturers.
- 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 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, two trades were recorded at INR 46,400/t, two deals at INR 46,300/t, and one deal each at INR 46,350/t and INR 46,200/t. The average price of these six transactions was INR 46,340/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 46,270/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,305/t, rounded to INR 46,300/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply