SteelMint billet index increases by INR 550/t on improved buying- 12th Oct

SteelMint daily billet index has been assessed at INR 30,300/t (+550), exw Raipur on 12th October, 18:00 IST.

Total of about 4,420 t billet trades recorded today, as against 1,680 t on Saturday (i.e. 10th 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) - Six 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 30,200/t, while one deal at INR 30,250/t, one at INR 30,300/t & one at INR 30,350/t. The average price of these six transactions was INR 30,225/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - There were nine offers reported in the trading window and considered as T2 inputs. The average price of these was INR 30,328/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 30,276/t, rounded to INR 30,300/t exw.

For detailed methodology - Click here
T1: Trade
T2: Offer/Bid/Indicative