SteelMint’s daily billet index is assessed at INR 41,100/t (-400), exw Raipur, on 26 Jun’21. Around 1,800 t of transactions in steel billet were recorded today against 3,350 t yesterday.
Weakening spot trading activity continues to drag the index down as prices have touched the lowest point in Jun’21. Prices had fallen to INR 40,900/t, exw, on 29 May, as per SteelMint data.
As per market sources, prices could sustain only with supply shortage, as production cuts are in the pipeline due to dull seasonal demand.
- 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) – Three 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, two trades were recorded at INR 41,100/t, and one deal at INR 41,000/t. The average price of these three transactions was INR 41,072/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 41,165/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,119/t, rounded to INR 41,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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