India: BigMint's billet index edges up by INR 100/t - 16 Oct
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BigMint's billet index rose slightly by INR 100/tonne (t) d-o-d to INR 41,350/t exw-Raipur on 16 October 2024.
In Raipur, rebar prices declined slightly by INR 100/t, with deals of 650 t concluded. Meanwhile, wire rod and sponge iron offers in Raipur remained stable d-o-d.
The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur region was recorded at INR 13,500/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) - Five trades at INR 41,300-41,500/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 41,402/t, which was given a 50% weightage in the final price calculation.
- Other price indicators - bids/offers/indicatives (T2) - Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 41,333/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,368/t exw-Raipur, rounded to INR 41,350/t exw.
Click here for detailed methodology
