SteelMint’s daily billet index has been assessed at INR 37,500/t (+550) exw Raipur on 19th Feb’21, 18:00 IST. With the increase in prices, trade volumes dropped by 76% (4,790 t) on d-o-d basis as per trades recorded by SteelMint.
Trade sources cited, the volumes come down as buyers turned cautious on a sharp surge in prices. Also finished steel off-take slightly slowed down due to a constant surge in prices.
A total of about 1,500 t billet trades were recorded today, as against 6,290 t on yesterday (i.e. 18th 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)- Two 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, one trade was recorded at INR 37,700/t & one at INR 37,500/t. The average price of these two transactions was INR 37,500/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 37,513/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 37,506/t, rounded to INR 37,500/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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