SteelMint’s daily billet index has been assessed at INR 43,700/t (+500) exw Raipur on 15th May’21, 16:00 IST.
The index has risen as local suppliers have raised their billet offers on expectation of supply shortage due to rumors of power cuts in Raigarh, Punjipatra industrial area through the Jindal Power, to the industries whose payments are due.
SteelMint learned from Industry sources that Jindal has instructed to pay the due amounts of earlier electricity bills by 17th May’21, otherwise the power connection will be cut.
A total of about 1,750 t billet trades were recorded by SteelMint today as against 2,000 t yesterday i.e. 14th 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) – Five 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, two trades were recorded at INR 43,700/t one at INR 43,600/t and one deal each at INR 43,900/t & INR 44,000/t. The average price of these five transactions was INR 43,728/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 43,700/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 43,714/t, rounded to INR 43,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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