SteelMint daily billet index has been assessed at INR 32,400/t (+800), exw Raipur on 2nd November, 18:00 IST. The prices rebound on account of rise in enquiries amid increase in sponge iron offers by INR 300/t, d-o-d.
Total of about 5,200 t billet trades recorded today, as against 2,050 t on Saturday (i.e. 31st Oct).
- 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)- Eleven trades were recorded in the 2:30 to 5.30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, six trades were recorded at INR 32,500/t, four deals at INR 32,400/t & one trade at INR 32,300/t. The average price of these eleven transactions was INR 32,445/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 was INR 32,371/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 32,408/t, rounded to INR 32,400/t exw.
For detailed methodology – Click here
T1: Trade
T2: Offer/Bid/Indicative
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