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India: BigMint's billet index remains rangebound amid modest demand - 11 Dec

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BigMint Bureau

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11 Dec 2024, 18:50 IST

India: BigMint's billet index remains rangebound amid modest demand - 11 Dec

BigMint's billet index remained firm at INR 38,450/tonne (t) exw-Raipur on 11 December 2024.

The index remained range-bound today, showing slight upward movement due to improved buying activity in the semi-finished and finished steel segments, particularly in the second half of the trading session. An overall rise in market trends led to an upward correction in spot offers, reflecting a modest increase d-o-d.

In Raipur, rebar prices increased by INR 200/t, with 1,500 t deals concluded. Meanwhile, wire rod prices remained stable today, with 2,900 t deals being confirmed. Sponge iron prices in Raipur edged down by INR 200/t.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur region was recorded at INR 14,250/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) - Four 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 38,453/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 38,437/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 38,445/t exw-Raipur, rounded to INR 38,450/t exw.

Click here for detailed methodology