SteelMint’s daily billet index is assessed at INR 40,600/t, exw-Raipur, on 2 Jul’21, down INR 150/t on day.
SteelMint recorded a total of 3,150 t of transactions in steel billet today as against 3,730 t on 1 Jul.
The index continues to move southwards as inquiries are few in the spot market following dull demand for finished steel products along with unclear market trends.
- 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 40,600/t, two at INR 40,500/t and one at INR 40,700/t. The average price of these six transactions was INR 40,567/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 40,650/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,608/t, rounded to INR 40,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply