India: BigMint's billet index dips slightly d-o-d amid restricted buying - 10 Jan

• Demand for semis remain subdued
  
  
• Raipur rebar tags up by INR 200/t d-o-d
  
  

BigMint's billet index fell slightly by INR 50/tonne (t) d-o-d to INR 38,850/t exw Raipur on 10 January 2025.

The index remained range-bound today, showing a slight decline towards the end of the trading session. Continuously weakening market sentiments dampened buying, while the finished steel segment faced significant pressure due to subdued and limited buying activity from end-users.

In Raipur, rebar and wire rod prices increased by INR 200/t d-o-d. Meanwhile, sponge iron prices in Raipur inches down by INR 50/t today.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the region was recorded at INR 14,550/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) - One trade at INR 38,800/t was 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 38,800/t, which was given 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicative (T2) - Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 38,927/t and given 50% weightage in the final price calculation.
  
  

The final price of billets exw-Raipur was INR 38,863/t, rounded off to INR 38,850/t exw.

Click for detailed methodology