SteelMint’s daily billet index is assessed at INR 40,600/t, exw Raipur, on 29 Jun’21 – a decrease of INR 700/t ($10) on day.
SteelMint recorded a total of 2,320 t of transactions in steel billet today against 2,700 t on 28 Jun’21.
The index continued to move southwards on account of weak demand due to poor inquiries as well as rising finished steel inventories in the domestic market.
- 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) – Four 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 40,600/t and one deal at INR 40,500/t. The average price of these four transactions was INR 40,578/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 40,663/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,620/t, rounded to INR 40,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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