SteelMint billet index increases by INR 350/t – 16 Feb

—

SteelMint daily billet index has been assessed at INR 35,750/t (+350) exw Raipur on 16th Feb’21, 18:00 IST.

A total of about 6,900 t billet trades were recorded today, as against 7,240 t on yesterday (i.e. 15th Feb).

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)- Twenty 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, five trades were recorded at INR 35,500/t, four deals at INR 35,700/t, two at INR 35,900/t, three deals each at INR 35,600/t & INR 35,800/t, and one deal each at INR 35,650/t, INR 35,750/t & INR 36,100/t. The average price of these twenty transactions was INR 35,777/t and given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2)- Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 35,680/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 35,728/t, rounded to INR 35,750/t exw.