SteelMint’s daily billet index is assessed at INR 41,650/t (+INR 750/t), exw Raipur, on 31 May’21, 18:00 IST.
A total of about 4,580 t billet trades were recorded by SteelMint today as against 1,600 t on Saturday i.e. 29th May.
The index rebounded following optimistic trends globally, especially rising increase steel prices in China along with an expected hike in prices to be announced by the Indian primary steel mills.
Moreover, participants believe iron ore prices are likely to remain strong due to seasonal factors and sources are of the view that prices are expected to stay stiff with the impending expiry of two key merchant iron ore leases in Odisha in Aug’21.
- 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) – Seven 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, three trades were recorded at INR 41,500/t, two at INR 41,700/t and one deal each at INR 41,300/t & INR 41,400/t. The average price of these seven transactions was INR 41,629/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 41,645/t and given a 50% weightage in the final price calculation.
T1: Trade
T2: Offer/Bid/Indicative
T2: Offer/Bid/Indicative
Leave a Reply