SteelMint’s daily steel billet index is assessed at INR 40,900/tonne (t) (-INR 400) exw-Raipur on 7 Sept’21.
About 2,750 t of transactions in billets were recorded by SteelMint today against 3,220 t on 6 Sept.
The index headed southwards as bids fell by around INR 300-400/t compared to floated offers. Also, the major buyers are holding bookings, while in a sluggish market the suppliers are aggressive in concluding deals.
- 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 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 41,000/t, and one deal each at INR 40,950/t and INR 40,800/t. The average price of these six transactions was INR 40,947/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 40,900/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,924/t, rounded to INR 40,900/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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