India: BigMint's billet index rises by INR 400/t d-o-d - 6 Feb

• Increase in offers fails to encourage buying
  
  
• Rebar, wire rod prices up by INR 200/t
  
  

BigMint's billet index increased by INR 400/tonne (t) to INR 39,000/t exw-Raipur on 6 February, 2025.

The index rose today amid volatile market sentiments. However, the increase in offers had no major impact on buying activity which remained somewhat moderate.

In the finished steel segment, rebar prices increased by INR 200/t, while wire rod prices rose by INR 200/t. Sponge iron prices edged up by INR 400/t.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 14,100/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) - Two trades was recorded at INR 39,000/t during the 02:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The above trade was considered as an outlier.
  
  
• Other price indicators - bids/offers/indicative (T2) - Nine offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 38,981/t and given a 50% weightage in the final price calculation.
  
  

The final price for billets exw-Raipur was at INR 38,990/t, rounded to INR 39,000/t exw.

Click for detailed methodology