Indian billet price index increase by INR 350/t despite limited trades- 27th Jul

SteelMint billet index (Exw Raipur) has been assessed at INR 29,300/t (+350), Exw Raipur on 27th July, 18:00 IST.

• 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 5.30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of these, two trades were concluded at INR 29,200/t, while two deals got concluded at INR 29,300/t & two deals at INR 29,400/t EXW. The average price of these three transactions was INR 29,275/t and given a 50% weightage in the final price calculation.
• Other Price Indicators (Firm bids/offers) T2 – There were eight offers reported in the trading window and considered as T2 inputs. The average price of these was INR 29,294/t and given a 50% weightage in the final price calculation.
• The final price for billet ex-Raipur was INR 29,284/t, rounded to INR 29,300/t Exw.

For detailed methodology – click hereT1: Trade
T2: Offer/Bid/Indicative
Offer and Trade reported during 11:00 to 14:30 IST are not considered in the index calculation