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India: BigMint's billet index declines marginally even as buying interest improves - 30 Jan

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BigMint Bureau

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30 Jan 2025, 19:27 IST

India: BigMint's billet index declines marginally even as buying interest improves - 30 Jan

BigMint's billet index dipped slightly today by INR 100/t, settling at INR 39,400/tonne (t) exw-Raipur on 30 January 2025.

The index saw a marginal decline today, primarily due to weak buying interest in both semi-finished and finished steel at the beginning of the trading session. However, as the day progressed, an improvement in buying activity was observed, with increased inquiries driven by volatile market sentiments.

This contributed to a rise in trade volumes d-o-d. Despite the initial sluggishness, the second half of the day showed signs of market improvement.

In Raipur, rebar prices decreased slightly by INR 100/t, while wire rod prices inched up by INR 100/t d-o-d. Meanwhile, sponge iron prices in Raipur continued to remained firm today.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur cluster was recorded at INR 14,600/t.

Rationale

This index is derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered 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) - Three trades at INR 39,400-39,500/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 39,387/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 39,400/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,393/t exw-Raipur, rounded to INR 39,400/t exw.

Click here for detailed methodology