SteelMint billet index increases by INR 350/t – 11 Mar

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SteelMint’s daily billet index has been assessed at INR 38,900/t (+350) exw Raipur on 11th Mar’21, 18:00 IST.

A total of about 2,540 t billet trades were recorded by SteelMint today, as against 3,820 t yesterday (i.e. 10th Mar).

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, three trades were recorded at INR 39,000/t and one deal each at INR 38,700/t, INR 38,800/t & INR 38,900/t. The average price of these six transactions was INR 38,971/t and given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2) – Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 38,863/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 38,917/t, rounded to INR 38,900/t exw.