SteelMint’s daily steel billet index is assessed at INR 40,100/ton (t) (+ INR 400/t) exw-Raipur on 7 Dec’21.
About 5,650 t of transactions in billets were recorded by SteelMint today against 6,850 t on 6 Dec.
The index moved north due to a surge in offers in Punjab along with slight improvement in demand for finished steel products as well as billets. However, the major buyers refrained from procuring material on increasing offers amidst expectations of a slight fluctuation in coming days.
- 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) – Nine 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 40,200/t, three at INR 40,000/t, two deals at INR 40,100/t and one deal at INR 40,050/t. The average price of these nine transactions was INR 40,071/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 40,089/t and given a 50% weightage in the final price calculation.
The final price for billet exw-Raipur stood at INR 40,080/t, rounded to INR 40,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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