India: BigMint's billet index rises marginally d-o-d - 31 Dec

BigMint's billet index inched up by INR 50/tonne (t) d-o-d to INR 39,550/t exw-Raipur on 31 December 2024.

The index remained range-bound amid volatile market sentiments and pricing influenced by neighbouring markets, which kept the day's trade movements unpredictable.

Buying activity in both the semi-finished and finished steel segments remained subdued following sufficient bookings already completed in recent trading sessions, thereby leading to cautious participation by market players.

In the finished steel market, rebar prices increased by INR 200/t, while wire rod prices rose by INR 100/t d-o-d. Sponge iron prices in Raipur inched up by INR 100/t today.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the region was recorded at INR 14,700/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 39,500/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 39,500/t, which was given 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicative (T2) - Seven offers were reported in the trading window and considered as T2 inputs. The average price of these seven was INR 39,550/t and given 50% weightage in the final price calculation.
  
  

The final price of billets exw-Raipur was INR 39,525/t, rounded off to INR 39,550/t exw.

Click for detailed methodology

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