SteelMint’s daily steel billet index is assessed at INR 41,500/tonne (t) (+INR 350) exw-Raipur on 30 Aug’21.
About 4,985 t of transactions in steel billet were recorded by SteelMint today against 1,700 t on 28 Aug.
The index rebounded on renewed buying after a spell of sluggish demand since the past three-four days. In order to maintain stocks, Raipur-based re-rollers have resumed purchases and prices moved up in today’s trade.
- 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) – Nine 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, five trades were recorded at INR 41,500/t, one at INR 41,300/t and one deal each at INR 41,800/t, INR 41,350/t & INR 41,450/t. The average price of these nine transactions was INR 41,478/t and given a 50% weightage in the final price calculation.
- 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 41,480/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,479/t, rounded to INR 41,500/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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