SteelMint billet index rebounds on renewed buying & price hike in punjab - 28 Apr
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SteelMint's daily billet index has been assessed at INR 40,900/t (+300) exw Raipur on 28th Apr'21, 18:00 IST.
A total of about 7,200 t billet trades were recorded by SteelMint today, as against 1,700 t yesterday (i.e. 27th Apr).
The index rebounded today as demand from the local & outside (Jalna, Maharashtra) states improved on the back of falling inventories with the mills & with increasing prices in Punjab. The participants turned optimistic, hence resumed purchases. However, the production remained low in most of the rolling mills & furnaces in Raipur.
- 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, two trades were recorded at INR 40,600/t, two at INR 40,700/t and two deals each at INR 40,800/t & INR 40,900/t. The average price of these eight transactions was INR 40,852/t and given a 50% weightage in the final price calculation.
- Other Price Indicators - bids/offers/indicative (T2) - Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 40,938/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 40,895/t, rounded to INR 40,900/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
