BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

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India: BigMint's billet index remains range-bound amid weak buying interest - 29 Jan

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BigMint Bureau

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29 Jan 2025, 18:51 IST

India: BigMint's billet index remains range-bound amid weak buying interest - 29 Jan

BigMint's billet index remained stable today at INR 39,500/tonne (t) exw-Raipur on 29 January 2025.

The index remained range-bound as weakening demand at higher offers weighed on spot prices. This led to a decline in trading volumes, ultimately resulting in a price correction. Buyers remained cautious, holding back on purchases amid uncertain market sentiment, while sellers adjusted spot prices to attract buying interest.

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) - Two trades at INR 38,400-38,500/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 39,439/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 39,604/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,522/t exw-Raipur, rounded to INR 39,500/t exw.

Click here for detailed methodology