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India: BigMint's billet index shows marginal decline d-o-d - 17 Dec

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Semi Finished

BigMint Bureau

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17 Dec 2024, 18:54 IST

India: BigMint's billet index shows marginal decline d-o-d - 17 Dec

Semis, finished see moderate buying

Regional dynamics impact prices

BigMint's billet index fell slightly by INR 50/t today, settling at INR 39,000/tonne (t) exw-Raipur on 17 December 2024.

The index remained range-bound today, exhibiting slight dips towards the end of the trading session. Moderate buying activity was recorded in the semi-finished and finished steel segments, particularly in the latter half of the day.

This uptick in activity pushed spot offers upward, aligning with the overall rise in market trends. The interplay of cautious optimism among buyers and regional market influences contributed to an upward correction in spot prices d-o-d.

In Raipur, rebar prices remained stable today, with 1,800 t of deals concluded. Meanwhile, wire rod prices inches down by INR 100/t d-o-d. Sponge iron prices in Raipur continued to stay firm today.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur region was recorded at INR 14,150/t.

Rationale

This index is derived based on transaction, offers, bids, 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 39,000/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 39,000/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 39,042/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,021/t exw-Raipur, rounded to INR 39,000/t exw.

Click here for detailed methodology