SteelMint daily billet index has been assessed at INR 32,900/t (+200) exw Raipur on 5th Feb’21, 18:00 IST.
A total of about 7,700 t billet trades were recorded today, as against 6,400 t yesterday (i.e. 4th Feb). Prior to this, the major trade volumes were recorded at 8,700 t on 15 Oct’20.
Sources have stated that buying has improved today following positive trends as Japanese scrap prices have also rebounded. Also buyers feel that prices have already hit breakeven point and have less scope of further downward correction. All these factors have supported billet trades today.
- 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)- Twelve 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 33,000/t, three at INR 32,900/t, two at INR 32,800/t, one at INR 32,700/t & two deals at INR 33,100/t. The average price of these twelve transactions was INR 32,883/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 twelve was INR 32,910/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 32,897/t, rounded to INR 32,900/t exw.
For detailed methodology – Click here
T1: Trade
T2: Offer/Bid/Indicative
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