SteelMint billet index surges by INR 1,000/t ($14) on active trades & rising sponge prices

SteelMint's daily billet index has been assessed at INR 43,800/t (+1,000) exw Raipur on 11th May'21, 18:00 IST.

A total of about 5,300 t billet trades were recorded by SteelMint today as against 4,250 t yesterday i.e. 10th May.

The index rose sharply on active demand & rally in sponge prices on account of tight supply & hike in offers of raw materials (Pellets & Iron ore). Sponge prices in Raipur increased by INR 2,000-2,500/t, while billet index by INR 1,250/t in the last 2 days.

• 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 pm 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 43,800/t, one at INR 43,500/t and one deal each at INR 43,700/t, INR 43,750/t, INR 43,650/t & INR 43,900/t. The average price of these eight transactions was INR 43,746/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Ten offers reported in the trading window and considered as T2 inputs. The average price of these ten was INR 43,815/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 43,780/t, rounded to INR 43,800/t exw.

Click for detailed methodology

T1: Trade
T2: Offer/Bid/Indicative