SteelMint billet index drops by INR 100/t, however trade volumes improve - 23 Mar
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SteelMint's daily billet index has been assessed at INR 38,500/t (-100) exw Raipur on 23rd Mar'21, 18:00 IST.
A total of about 6,200 t billet trades were recorded by SteelMint today, as against 3,770 t yesterday (i.e. 22nd Mar), surge around 1.5-times on a day basis. Trade sources highlighted that billet bookings have increased over fall in prices.
- 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, five trades were recorded at INR 38,500/t, three deals at INR 38,400/t & one deal at INR 38,450/t. The average price of these nine transactions was INR 38,483/t and given a 50% weightage in the final price calculation.
- Other Price Indicators - bids/offers/indicative (T2) - Twelve offers reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 38,490/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 38,487/t, rounded to INR 38,500/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
