SteelMint billet index increases by INR 700/t ($10), trade volumes improve – 22 May

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SteelMint’s daily billet index has been assessed at INR 41,900/t (+700) exw Raipur on 22nd May’21, 16:00 IST.

The index rebounded on improved trades following a price rally in Punjab (Northern India).

A total of about 5,550 t billet trades were recorded by SteelMint today as against 1,400 t yesterday i.e. 21st May.

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) – Eight trades were recorded in the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, three trades were recorded at INR 41,800/t, three deals at INR 41,900/t, one at INR 41,500/t and one deal at INR 41,700/t. The average price of these eight transactions was INR 41,897/t and given a 50% weightage in the final price calculation.
Other Price Indicators – bids/offers/indicative (T2) – Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 41,867/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 41,882/t, rounded to INR 41,900/t exw.