SteelMint’s daily billet index is assessed at INR 43,300/t, exw Raipur, on 5 Jun’21 – down by INR 300/t on day. SteelMint recorded a total of 1,600 t of trade in steel billets today against 2,220 t yesterday.
The index plunged on limited trades following weak demand in finished steel on prevailing offers.
However, sources believe, prices should not correct further as raw material prices remain high following which sponge makers are keeping prices strong. In all, steel billet prices are expected to remain supported.
- 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, one trade was recorded at INR 43,550/t, one at INR 43,500/t and one deal each at INR 43,300/t & INR 43,200/t. The average price of these four transactions was INR 43,396/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 43,242/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,319/t, rounded to INR 43,300/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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