SteelMint billet index increases by INR 350/t on improved trades

SteelMint daily billet index has been assessed at INR 35,650/t (+350), exw Raipur on 2nd December, 18:00 IST.

Total of about 4,790 t billet trades recorded today, as against 2,300 t on yesterday (i.e. 1st 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)- Seven 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 35,500/t, two deals at INR 35,600/t & one trade each at INR 35,750/t & INR 35,800/t. The average price of these seven transactions was INR 35,607/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2)- Fourteen offers reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 35,689/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 35,648/t, rounded to INR 35,650/t exw.

For detailed methodology - Click here

T1: Trade
T2: Offer/Bid/Indicative