SteelMint daily billet index has been assessed at INR 42,000/t (+400) exw Raipur on 7th May’21, 18:00 IST.
A total of about 4,200 t billet trades were recorded by SteelMint today as against 2,300 t yesterday i.e. 6th May.
The index rebound on improved trades following optimistic trends globally on rising raw material & steel prices and with price rally in Punjab, Northern India. The Raipur billet makers have kept prices strong to improve margins.
- 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 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, four trades were recorded at INR 42,000/t, one deal at INR 41,800/t, and one deal at INR 41,900/t. The average price of these six transactions was INR 41,977/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 42,000/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,989/t, rounded to INR 42,000/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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