SteelMint’s daily billet index is assessed at INR 32,750/t (+750), exw Raipur on 11th Nov’20, 18:00 IST. The index has increased sharply due to rally sponge offers & improved buying from the re-rollers on expected tight supply of raw materials.
Total of about 4,900 t billet trades recorded today, as against 2,220 t on yesterday (i.e. 10th 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, four trades were recorded at INR 32,800/t & one deal each at INR 32,400/t, INR 32,500/t, INR 32,600/t , INR 32,700/t, INR 33,000/t. The average price of these nine transactions was INR 32,711/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2)- Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these was INR 32,783/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 32,747/t, rounded to INR 32,750/t exw.
For detailed methodology – Click here
T1: Trade
T2: Offer/Bid/Indicative
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