SteelMint’s daily steel billet index is assessed at INR 45,900/tonne (t) (+INR 500) exw-Raipur on 27 Oct’21.
About 2,400 t of transactions in billets were recorded by SteelMint today against 3,200 t on 26 Oct.
Spot buying was average on floated offers as healthy orders were placed yesterday by a majority of the buyers. Thus, the buyers held bookings today in the face of higher offers.
- 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) – Five 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 two trades were recorded at INR 45,900/t, and one deal each at INR 46,300/t, INR 46,100/t, and INR 46,000/t. The average price of these five transactions was INR 45,967/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 45,867/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 45,917/t, rounded to INR 45,900/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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