SteelMint billet index drops by INR 550/t, however trade volumes improve – 12 Feb

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SteelMint daily billet index has been assessed at INR 34,050/t (-550) exw Raipur on 12th Feb’21, 18:00 IST.

A total of about 5,800 t billet trades recorded today, as against 3,350 t on yesterday (i.e. 11th Feb).

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 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 34,000/t, two at INR 34,050/t, two at INR 34,100/t & one deal at INR 34,200/t. The average price of these eight transactions was INR 34,043/t and given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2)- Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 34,079/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 34,061/t, rounded to INR 34,050/t exw.