SteelMint’s daily billet index has been assessed at INR 41,300/t (+1,100) exw Raipur on 28th May’21, 18:00 IST.
The index rebounded following optimistic trends in China amid a recovery in iron ore & steel futures. This has fuelled demand today. Thus, billet makers managed to raise offers and increased offers witnessed an acceptance from rolling mills.
Today, trade volumes of the billet Index have improved to 7,800 t, which is nearly 1.5 months high as the previous major was recorded on 15th Apr’21 at 9,600 t.
- 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) – Eleven 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, five trades were recorded at INR 41,300/t, three at INR 41,000/t, two deals at INR 41,100/t and one deal at INR 41,400/t. The average price of these eleven transactions was INR 41,304/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 41,300/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,302/t, rounded to INR 41,300/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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