SteelMint’s daily billet index is assessed at INR 42,600/t, exw Raipur, on 9 Jun’21 – down by INR 100/t on day. A total of 4,860 t of transactions in steel billet were recorded today against 1,500 t yesterday i.e. 8 Jun.
Although the index fell, trade volumes improved as buyers have become hopeful of a rebound in prices due to furnace shutdowns in Raigarh on prevailing power outage, which may result in supply shortage of billet in the central region.
- 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, five trades were recorded at INR 42,500/t, one at INR 42,400/t and one deal each at INR 42,600/t & INR 42,650/t. The average price of these eight transactions was INR 42,596/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 42,625/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,610/t, rounded to INR 42,600/t exw.
T1: Trade
T2: Offer/Bid/Indicative
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