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 witnesses slight improvement d-o-d - 31 Jan

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BigMint Bureau

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31 Jan 2025, 18:40 IST

India: BigMint's billet index witnesses slight improvement d-o-d - 31 Jan

BigMint's billet index moved up slightly today by INR 50/t, settling at INR 39,450/tonne (t) exw-Raipur on 31 January 2025.

The index recorded a marginal increase amid volatile market sentiments in the nearby regions. However, buying activity remained subdued, as a significant number of transactions have been concluded in the previous trading session.

In Raipur, rebar and wire rod prices continued to remain stable d-o-d. Meanwhile, sponge iron prices in Raipur increased by INR 300/t today.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,200/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) - Three trades at INR 39,400-39,500/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 39,471/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 39,470/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,470/t exw-Raipur, rounded to INR 39,450/t exw.

Click here for detailed methodology