SteelMint to publish a daily price index for induction route billet cargoes on an Ex-works basis in Raipur (Chattisgarh). This will comply with quality and quantity specifications along with the internationally accepted IOSCO principles for spot price assessments. The index places the highest value to concluded transactions that been confirmed by the reputed and trustworthy buyer, seller, or broker.
SteelMint billet index (Exw Raipur) assessed at INR 27,900/t (Exw Raipur) on 15th July 2020. 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 50%.
Four trades were done in the 2.30-6 pm SteelMint trading window and considered for final price calculation as T1 inputs. Trades were done at INR 27,900, INR 27,700, INR 27,850, and INR 27,950. The average price of T1 transactions was INR 27,875 after normalization and given a 50% weightage in the final price calculation.
There were 14 bids and offers reported in the trading window and considered as T2 inputs. The average price of T2 transactions was INR 27,940 and given a 50% weightage in the final price calculation.
For detailed methodology – click here
T1: Trade
T2: Offer/Bid/Indicative
Basic price in INR/t excluding GST @ 18%
Source: SteelMint Research
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