SteelMint daily billet index has been assessed at INR 38,300/t (-250) exw Raipur on 3rd Mar’21, 18:00 IST.
A total of about 1,100 t billet trades were recorded by SteelMint today, which is the lowest in the last one month compared to 1,000 t trades recorded on 1st Feb’21. Limited demand due to falling prices in Northern India was the reason behind the drop in prices. However, sources expect prices to rebound soon on demand recovery.
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)- Two trades were recorded in the 2:30 to 5.30 pm SteelMint trading window and considered for final price calculation as T1 inputs. One trade was recorded at INR 38,300/t & one at INR 38,100/t. The average price of these two transactions was INR 38,245/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 eight was INR 38,367/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 38,306/t, rounded to INR 38,300/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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