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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SteelMint billet index drops by INR 250/t - 24 Mar

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BigMint Bureau

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24 Mar 2021, 18:32 IST

SteelMint billet index drops by INR 250/t - 24 Mar

SteelMint's daily billet index has been assessed at INR 38,250/t (-250) exw Raipur on 24th Mar'21, 18:00 IST.

A total of about 3,420 t billet trades were recorded by SteelMint today, as against 6,200 t yesterday (i.e. 23rd Mar). Following decline in prices in Northern India, the spot billet trades have been decreased in major markets including Raipur, Central India.

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 38,300/t, four deals at INR 38,200/t & one deal at INR 38,100/t. The average price of these nine transactions was INR 38,208/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 seven was INR 38,293/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 38,250/t.

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