SteelMint’s daily billet index is assessed at INR 40,800/t, exw-Raipur, on 30 Jun’21 – an increase of INR 200/t ($3) on day.
SteelMint recorded a total of 5,040 t of transactions in steel billet today, which was over two-fold compared to 2,320 t on 29 Jun.
The index rebounded following a sharp surge in ingot and billet prices in the northern region, mainly Punjab, during the first half of the trading day. However, with declining prices recorded during the late hours, buyers held back apprehending further price corrections, with finished steel inventories remaining high in the domestic market.
- 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, three trades were recorded at INR 41,000/t, three at INR 40,900/t, two deals at INR 40,800/t and one at INR 40,700/t. The average price of these nine transactions was INR 40,906/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eighteen offers reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 40,740/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,823/t, rounded to INR 40,800/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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