SteelMint’s daily billet index has been assessed at INR 44,100/t (+300) exw Raipur on 12th May’21, 18:00 IST.
A total of about 3,400 t billet trades were recorded by SteelMint today as against 5,300 t yesterday i.e. 11th May.
The index surged further, however buying inquiries slightly slowed as buyers turned hesitant to place orders at such higher offers looking at limited inquiries in finished steel products especially in structural steels. However, looking at strengthening prices of sponge iron due to high-cost raw materials, sources believe billet prices to remain strong despite subdued demand.
- 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 pm 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 44,300/t, two at INR 44,000/t and one deal each at INR 44,200/t & INR 43,800/t. The average price of these six transactions was INR 44,115/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 44,080/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 44,098/t, rounded to INR 44,100/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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