SteelMint billet index increases by INR 300/t on higher sponge iron prices- 23 Oct'20

SteelMint daily billet index has been assessed at INR 31,250/t (+300), exw Raipur on 23rd October, 18:00 IST. The prices surge further on account of rally sponge iron offers due to short supply in the spot market by few of major producers.

Total of about 3,300 t billet trades recorded today, as against 3,530 t yesterday (i.e. 22nd Oct).

• 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) - Eight 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, three trades were recorded at INR 31,200/t, while one deal at INR 31,100/t, one at INR 31,300/t, one at INR 31,400/t, one at INR 31,450/t & one at INR 31,500/t. The average price of these eight transactions was INR 31,269/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Fifteen offers reported in the trading window and considered as T2 inputs. The average price of these was INR 31,230/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 31,249/t, rounded to INR 31,250/t exw.

For detailed methodology - Click here

T1: Trade
T2: Offer/Bid/Indicative