SteelMint’s daily billet index has been assessed at INR 36,900/t (+1,150) exw Raipur on 17th Feb’21, 18:00 IST. Despite hike in prices, the demand remained active. However, the prices surged sharply on a news of power cut extensions in Jindal Industrial Park in Raigarh, which is the sole supplier of billet to the Raipur based finished steel plants. Hence, on expectation of supply shortage, the buyers have booked billets at increased offers.
A total of about 5,250 t billet trades were recorded today, as against 6,900 t on yesterday (i.e. 16th 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)- Fourteen 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 36,900/t, four deals at INR 36,800/t, three at INR 36,700/t and one deal at INR 37,000/t. The average price of these fourteen transactions was INR 36,841/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2)- Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 36,910/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 36,876/t, rounded to INR 36,900/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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