SteelMint daily billet index has been assessed at INR 41,600/t (-500) exw Raipur on 6th May’21, 18:00 IST.
A total of about 2,300 t billet trades were recorded by SteelMint today as against 3,200 t yesterday i.e. 5th May.
The Index remains down trend on account of weak demand, lower bids from the local & outside buyers. In addition, falling prices in Northern India – Punjab, was one of the major factor behind the sharp fall in prices.
- 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 which, two trades were recorded at INR 41,800/t, one deal at INR 41,700/t, one at INR 41,600/t and one deal each at INR 41,500/t & INR 41,400/t. The average price of these six transactions was INR 41,604/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 41,625/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,615/t, rounded to INR 41,600/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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