SteelMint daily billet index has been assessed at INR 33,150/t (+550), exw Raipur on 4th November, 18:00 IST. The prices rebound on account of increase in sponge iron offers by INR 300-400/t, d-o-d.
Total of about 3,500 t billet trades recorded today, as against 3,300 t on yesterday (i.e.3rd Nov).
- 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)- Nine 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 33,200/t, two at INR 33,400/t, two at INR 33,100/t & one trade each at INR 33,000/t & 33,300/t. The average price of these nine transactions was INR 33,211/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2)- Six offers reported in the trading window and considered as T2 inputs. The average price of these was INR 33,100/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 33,156/t, rounded to INR 33,150/t exw.
For detailed methodology – Click here
T1: Trade
T2: Offer/Bid/Indicative
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