SteelMint billet index drops by INR 50/t on lower bids - 3 Dec

SteelMint daily billet index has been assessed at INR 35,600/t (-50), exw Raipur on 3rd December, 18:00 IST.

Total of about 3,000 t billet trades recorded today, as against 4,790 t on yesterday (i.e. 2nd Dec).

• 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 2:30 pm to 5.30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, two trades were recorded at INR 35,600/t, two deals at INR 35,500/t & one trade at INR 35,700/t. The average price of these five transactions was INR 35,600/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2)- Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 35,641/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 35,620/t, rounded to INR 35,600/t exw.

For detailed methodology - Click here

T1: Trade
T2: Offer/Bid/Indicative