India: BigMint's billet index remains firm d-o-d - 29 Apr'24

• Prices of finished material remain stable
  
  
• Market sees active buying activity
  
  

BigMint's billet index stood at INR 42,900/t ex Raipur on 29 April, 2024,

Today's index remained range-bound, with purchase activity soaring as a mixed trend appeared throughout the market, holding prices back from falling further. The sponge, semi-finished, and completed segments have all seen increased transaction activity.

Today, around 4,800 t of transactions were reported, up from 3,200 t on 26 April.

In the finished steel market, prices of rebar and wire rod stayed firm with 2,350 t and 3,100 t of volumes recorded. The sponge prices fell by INR 50/t.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 14,500/t.

Rationale -

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 at INR 42,800-43,000/t were recorded during the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 42,927/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 42,900/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 42,913/t, rounded to INR 42,900/t exw.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology