SteelMint billet index increases by INR 50/t on higher sponge iron prices- 31 Oct'20

SteelMint daily billet index has been assessed at INR 31,600/t (+50), exw Raipur on 31st October, 16:00 IST. The prices rebound on account of increase in sponge iron offers by INR 200/t, d-o-d.

Total of about 2,050 t billet trades recorded today, as against 2,600 t yesterday (i.e. 30th 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)- Five trades were recorded in the 11.30 to 3.30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which, two trades were recorded at INR 31,500/t, two deals at INR 31,600/t & one trade at INR 31,700/t. The average price of these five transactions was INR 31,580/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2)- Twelve offers reported in the trading window and considered as T2 inputs. The average price of these was INR 31,575/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 31,578/t, rounded to INR 31,600/t exw.

For detailed methodology - Click here

T1: Trade
T2: Offer/Bid/Indicative