SteelMint’s daily billet index is assessed at INR 43,400/t, exw Raipur, on 3 Jun’21 – up by INR 550/t on day. A total of 1,500 t of trade in steel billet was recorded by SteelMint against 5,850 t yesterday.
While the index surged, trade volumes dropped as buyers adopted a wait-and-watch policy due to the constant rally in secondary billet prices. Finished steel demand remained modest as retail buyers refrained from making purchases at high prices.
- 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 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, one trade was recorded at INR 43,600/t, one at INR 43,500/t and one deal at INR 43,200/t. The average price of these three transactions was INR 43,320/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 43,475/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,398/t, rounded to INR 43,400/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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