SteelMint’s daily billet index is assessed at INR 42,300/tonne (t) (+INR 200) exw-Raipur on 24 Jul’21.
About 3,600 t of transactions in steel billets were recorded by SteelMint today as against 3,520 t on 23 Jul.
The index rebounded on renewed buying in the spot market and sellers’ preference for not dealing at lower offers. Hence, buyers resumed purchases with expectations that prices wouldn’t decline further.
- 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) – Five 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, two trades were recorded at INR 42,100/t, and one deal each at INR 42,450/t, INR 42,300/t, and INR 42,200/t. The average price of these five transactions was INR 42,253/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 42,300/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,276/t, rounded to INR 42,300/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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