SteelMint’s daily billet index has been assessed at INR 43,500/t (-200) exw Raipur on 17th May’21, 18:00 IST.
The index has fallen slightly as bids have remained on the lower side following a limited demand in finished steel products.
SteelMint learned from industry sources that Jindal has extended the due date of earlier electricity bills pending amount. This has also impacted billet prices unlike previous expectations of supply shortage.
A total of about 3,100 t billet trades were recorded by SteelMint today as against 1,750 t on Saturday i.e. 15th May.
- 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) – Seven 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, three trades were recorded at INR 43,500/t, one at INR 43,800/t and one deal each at INR 43,900/t, INR 43,400/t & INR 43,300/t. The average price of these seven transactions was INR 43,476/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 43,558/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,517/t, rounded to INR 43,500/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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