BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

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Introducing: Indian billet price index - Exw Raipur, 17 Jul'20

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BigMint Bureau

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17 Jul 2020, 18:40 IST

Introducing: Indian billet price index - Exw Raipur, 17 Jul'20

SteelMint has introduced a new Indian billet price index. The salient features of this would be as follows:

We would be publishing a daily price index for induction route billet cargoes on an Ex-works basis in Raipur (Chhattisgarh).
This will comply with quality and quantity specifications along with the internationally accepted IOSCO principles of transparency and optimum market width coverage for spot price assessments.
The index places the highest value to concluded transactions that have been confirmed by reputed and trustworthy buyers, sellers or brokers.

Rationale:

SteelMint billet index (Exw Raipur) has been assessed at INR 27,550/t (Exw Raipur) today i.e. 17th July 2020, as per the following working:-

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 2.00 to 6.00 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of these, three trades were concluded at INR 27,600/t while one got concluded at INR 27,500/t and one at INR 27,550/t. The average price of these transactions was INR 27,570/t and given a 50% weightage in the final price calculation.
Other Price Indicators (Firm bids/offers) T2 -There were twelve offers reported in the trading window and considered as T2 inputs. The average price of these was INR 27,558/t and given a 50% weightage in the final price calculation.

The final price for billet ex-Raipur was INR 27,564/t, rounded to INR 27,550/t

From SteelMint Team - While it would be our earnest endeavour, at SteelMint, to bring about transparent and unbiased price index reporting, we would request all our readers and subscribers for their feedback and if they could participate in the reporting of more transactions.

For detailed methodology - click here