SteelMint billet index drops by INR 650/t, however trade volumes improve – 23 Feb

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SteelMint daily billet index has been assessed at INR 36,400/t (-650) exw Raipur on 23rd Feb’21, 18:00 IST.

A total of about 4,950 t billet trades were recorded today, as against 3,300 t on yesterday (i.e. 22nd 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)- Ten 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, five trades were recorded at INR 36,500/t, one at INR 36,300/t, one at INR 36,400/t and one deal each at INR 36,700/t, INR 36,250/t & INR 36,600/t. The average price of these ten transactions was INR 36,403/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 36,367/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 36,385/t, rounded to INR 37,400/t exw.