SteelMint billet index increases further on active trades- 1st Dec

SteelMint daily billet index is assessed at INR 35,300/t (+100), exw Raipur on 1st December, 18:00 IST.

Total of about 2,300 billet trades recorded today as against 6,850 t yesterday (i.e. 30th Nov).

Spot trades remained active following price hike announced through the primary mills by up to INR 3,500/t in finished long steel products for Dec'20 deliveries.

• 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 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 35,400/t, while three each at INR 35,100/t, INR 35,200/t & INR 35,300/t. The average price of these five transactions was INR 35,280/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2)- Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these was INR 35,272/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 35,276/t, rounded to INR 35,300/t exw.

For detailed methodology - Click here

T1: Trade
T2: Offer/Bid/Indicative