SteelMint billet index increases by INR 1,250/t ($ 17) tracking gains in sponge iron - 17 Nov'20

SteelMint's daily billet index is assessed at INR 35,350/t exw Raipur on 17th November, 18:00 IST. The index has rallied by INR 1,250/t as against 13th Nov. Prices have increased by INR 1,050/t on d-o-d basis.

The billet prices are rising continuously due to a rally in sponge prices amid improved trades, which increased by INR 900/t, d-o-d.

About 5,000 t billet trades have been recorded today against 6,800 t on Friday (13th Nov'20).

• 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)- Ten trades were recorded in the 2.30 to 5.00 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, three trades were recorded at INR 35,200/t, three deal at INR 35,300/t, two at INR 35,400/t & two at INR 35,500/t. The average price of these ten transactions was INR 35,310/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2)- Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these was INR 35,362/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 35,336/t, rounded to INR 35,350/t exw.

For detailed methodology - Click here

T1: Trade
T2: Offer/Bid/Indicative