SteelMint’s daily billet index is assessed at INR 42,850/t (+INR 800/t), exw Raipur, on 2 Jun’21. A total of about 5,850 t billet trades were recorded by SteelMint today as against 7,400 t yesterday.
The index surged following a rally in sponge iron prices with spike in bids at Odisha Mining Corporation’s (OMC) iron ore auction today. With expectation of renewed surge in prices, buyers placed orders.
- 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) – Eight 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 43,000/t, two at INR 42,800/t and one deal each at INR 42,750/t, INR 42,700/t & INR 42,500/t. The average price of these eight transactions was INR 42,777/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 42,880/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 42,828/t, rounded to INR 42,850/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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