SteelMint daily billet index has been assessed at INR 42,100/t (-350) exw Raipur on 5th May’21, 18:00 IST.
A total of about 3,200 t billet trades were recorded by SteelMint today as against 4,200 t yesterday i.e. 4th May. Demand slowed down owing to falling prices in Northern India, was the reason behind the drop in prices. However, sources expect billet prices to rebound soon as raw material prices remain strong. Also, the producers have sufficient orders, along with low capacity utilization.
- 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) – Four 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, two trades were recorded at INR 42,200/t, one deals at INR 42,150/t and one at INR 42,100/t. The average price of these eight transactions was INR 42,147/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 42,071/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,109/t, rounded to INR 42,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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