SteelMint daily billet index has been assessed at INR 37,400/t (+900), exw Raipur on 16th December, 18:00 IST. The index registered a sharp surge in price today. Prices increased after yesterday’s meeting of industry association in order to increase conversion spread of induction operators. Out of the total volume traded today in Raipur, nearly 40% volume were booked for western and southern India.
Total of about 4,300 t billet trades recorded today, as against 3,400 t yesterday (i.e. 15th Dec).
- 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 to 5.30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, four trades were recorded at INR 37,300/t, two at INR 37,500/t & one deal each at INR 37,100/t, INR 37,400/t & INR 37,600/t. The average price of these nine transactions was INR 37,367/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2)- Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these was INR 37,467/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 37,417/t, rounded to INR 37,400/t exw.
For detailed methodology – Click here
T1: Trade
T2: Offer/Bid/Indicative
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