SteelMint’s daily steel billet index is assessed at INR 43,700/tonne (t) (+INR 200/t) exw-Raipur on 16 Aug’21.
About 7,490 t of transactions in steel billets were recorded by SteelMint today against 2,250 t on 14 Aug.
The index increased on renewed buying interest in the spot market. Buyers actively procured material in anticipation of further surge in prices. Hence trade volumes sharply rose on a d-o-d basis.
- 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 43,700/t, three deals at INR 43,600/t, two deals at INR 43,800/t, and one deal at INR 43,500/t. The average price of these ten transactions was INR 43,718/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 43,656/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,687/t, rounded to INR 43,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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