SteelMint’s daily billet index has been assessed at INR 42,800/t (+250) exw Raipur on 10th May’21, 18:00 IST.
A total of about 4,250 t billet trades were recorded by SteelMint today as against 1,900 t on Saturday i.e. 8th May.
The index rose on the back of moderate demand as well sharp surge in sponge prices (by INR 900/t, d-o-d) following a gain in raw material (pellet) prices. Sources believe prices to remain supported due to higher raw material cost along with global price support.
- 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) – Six trades were recorded in the 2:30 to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, two trades were recorded at INR 42,600/t, one at INR 42,700/t and one deal each at INR 42,750/t, INR 42,800/t & INR 43,000/t. The average price of these six transactions was INR 42,747/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 42,813/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,780/t, rounded to INR 42,800/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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