SteelMint’s daily billet index is assessed at INR 40,750/tonne (-INR 250/t) exw-Raipur on 14 Jul’21.
In all, about 2,430 t of transactions in steel billets were recorded by SteelMint today as against 2,120 t on 13 Jul.
The prices are falling continuously due to weak demand. However, sources feel, prices may remain volatile, analysing supply aspects, which already fell with production curbs along with improvement in the global 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) – 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 three trades were recorded at INR 40,800/t, two deals at INR 40,600/t, and one deal at INR 41,000/t The average price of these six transactions was INR 40,713/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 41,000/t at 12:00 pm but was excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 40,775/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,744/t, rounded to INR 40,750/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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