SteelMint’s daily billet index is assessed at INR 42,400/t (-350/t), exw Raipur, on 16 Jun’21. Around 5,220 t of transactions in steel billet were recorded today, against 5,200 t yesterday.
Although the index fell, trade volumes continued to remain stagnant as participants felt that prices should not drop further in view of stiff raw material prices alongside low margins for standalone sponge iron and billet manufacturers.
- 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) – Eleven 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 42,500/t, three deals at INR 42,300/t, two deals at INR 42,400/t and one deal each at INR 42,350/t and INR 42,200/t. The average price of these eleven transactions was INR 42,412/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 42,420/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,416/t, rounded to INR 42,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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