SteelMint’s daily billet index is assessed at INR 40,700/t exw-Raipur on 3 Jul’21, up INR 100/t on day.
SteelMint recorded a total of 2,620 t of transactions in steel billet today as against 3,150 t on 2 Jul.
The index rose as production curbs were reported by a few standalone furnaces including hot rolling mills in central India. Falling billet supplies in the spot market resulted in a slight change in prices over the last couple of days. Meanwhile, rally prices in the northern region, Punjab, was another major factor behind the price rise.
- 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) – Four 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 40,600/t, one at INR 40,650/t and one at INR 40,700/t. The average price of these four transactions was INR 40,665/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 40,700/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,682/t, rounded to INR 40,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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