SteelMint’s daily billet index is assessed at INR 41,200/tonne (=) exw-Raipur on 16 Jul’21.
In all, about 4,250 t of transactions in steel billets were recorded by SteelMint today as against 2,650 t on 15 Jul.
The index remained unchanged today following active demand for ready-delivery material amidst prevailing supply shortage. Hence producers kept prices firm despite volatility in prices across regions.
- 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 41,200/t, and one deal each at INR 41,500/t, INR 41,100/t and INR 41,000/t. The average price of these six transactions was INR 41,223/t and given a 50% weightage in the final price calculation. Apart from this one trade was recorded at INR 40,850/t at 1:00 pm but was excluded due to timing.
- 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 41,150/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,186/t, rounded to INR 41,200/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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