SteelMint’s daily steel billet index is assessed at INR 40,700/ton (t) (+ INR 600/t) exw-Raipur on 8 Dec’21.
About 6,750 t of transactions in billets were recorded by SteelMint today against 5,650 t on 7 Dec.
The index continued to rise following active demand as well as a slight supply shortage of sponge iron in the spot market, which pushed billet suppliers to keep prices higher, as sponge iron prices are expected to remain strong in the short term.
- 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) – Eleven 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 40,500/t, three deals at INR 40,800/t, two deals at INR 40,700/t, and one deal each at INR 40,600/t, and INR 40,400/t. The average price of these eleven transactions was INR 40,639/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 40,722/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,680/t, rounded to INR 40,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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