SteelMint’s daily billet index is assessed at INR 42,200/tonne (+INR 300) exw-Raipur on 20 Jul’21.
In all, about 5,750 t of transactions in steel billets were recorded by SteelMint today as against 4,600 t on 19 Jul.
The index increased following active demand on prevailing optimistic sentiments globally along with slight supply shortage of ready-delivery material in the spot market.
Moreover, a few billet parcels were sold off to Gujarat-based buyers, 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) – Twelve 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 six trades were recorded at INR 42,200/t, three deals at INR 42,300/t, and one deal each at INR 42,400/t, INR 42,150/t and INR 42,100/t. The average price of these twelve transactions was INR 42,183/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 42,263/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,223/t, rounded to INR 42,200/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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