SteelMint’s daily steel billet index is assessed at INR 41,900/tonne (t) (-INR 200) exw-Raipur on 2 Sept’21.
About 5,870 t of transactions in billets were recorded by SteelMint today against 4,020 t on 1 Sept.
The index dropped following lower bids as finished steel offtake remained weak, especially for re-bars and wire rod, sources informed. Also, declining prices in the northern region put pressure on billet prices in major locations, including Raipur.
- 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) – Nine 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 42,000/t, two deals each at INR 42,100/t and INR 41,900/t and one deal at INR 41,800/t. The average price of these nine transactions was INR 41,904/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 41,940/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,922/t, rounded to INR 41,900/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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