Rationale: Indian billet price index - 14 July

SteelMint to publish a daily price index for induction route billet cargoes on an Ex-works basis in Raipur (Chattisgarh). This will comply with quality and quantity specifications along with the internationally accepted IOSCO principles for spot price assessments. The index places the highest value to concluded transactions that been confirmed by the reputed and trustworthy buyer, seller, or broker.

SteelMint billet index (Exw Raipur) assessed at INR 28,150/t (Exw Raipur) on 14th July 2020. 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 50%.

Six trades were reported today and included in T1 price calculation. A trade each was done at INR 28,150/t and INR 28,250/t on an FoR basis, while a trade each at INR 28,200/t, INR 28,000/t and two trades at INR 28,100/t were done on an ex-works basis.

All these transactions were reported in the 2.30-6.00pm Steelmint assessment window and were included as T1 inputs in the final price calculation. The average T1 price was INR 28,120/t which was assigned a 50% weightage in the final price.

There were 19 bids, offers, and indicative prices which were considered as T2 inputs. The average price of the T2 inputs were at INR 28,184/t, which was assigned a 50% weightage in the final price calculation.

Equal weightage is given to T1 and T2 for price calculation. The final price was INR 28,152/t, which was rounded off to INR 28,150/t.

Basic prices in INR/t excluding GST @ 18%

Source: SteelMint Research