SteelMint’s daily steel billet index is assessed at INR 41,700/tonne (t) (+INR 300) exw-Raipur on 13 Sept’21.
About 5,970 t of transactions in billets were recorded by SteelMint today against 1,950 t on 11 Sept.
The index rebound following renewed buying amidst lower expectations of further softening in offers. Thus, buyers resumed purchasing to maintain sufficient stocks.
- 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) – Eight 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 41,700/t, two deals at INR 41,800/t and one deal each at INR 41,600/t, INR 41,550/t and INR 41,500/t. The average price of these eight transactions was INR 41,675/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 41,693/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,684/t, rounded to INR 41,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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