SteelMint’s daily billet index is assessed at INR 41,800/t (-100/t), exw Raipur, on 23 Jun’21. Around 2,200 t of transactions in steel billet were recorded today against 2,300 t yesterday.
The index continues to move southwards with demand remaining weak, forcing producers to cut prices even as margins (conversion spreads) seem to have fallen below the level expected and/or required by producers.
- 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 41,800/t, and one deal each at INR 42,000/t and INR 41,900/t. The average price of these six transactions was INR 41,803/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 41,825/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,814/t, rounded to INR 41,800/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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