SteelMint’s daily billet index is assessed at INR 42,800/t, exw Raipur, on 12 Jun’21 – down by INR 500/t ($7) on day. A total of 1,100 t of transactions in steel billet were recorded today against 5,050 t yesterday i.e. 11 Jun.
The index fell today following the news pouring in of the Ludhiana Scrap Traders Association calling off their strike, and also because operations are set to resume at the Raigarh-based closed furnaces, with the power cut gloom slowly lifting.
However, meetings are currently going on and a final decision is awaited in regard to a decisive settlement of the outstanding amount. The trade climate remained bearish today resulting in limited spot billet transactions in central India, as per Steelmint reports.
- 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) – Two trades were recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, one trade was recorded at INR 42,800/t, and one deal at INR 42,700/t. The average price of these two transactions was INR 42,755/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 42,878/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,816/t, rounded to INR 42,800/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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