India: BigMint's billet index declines further despite improved buying - 17 July
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BigMint's billet index inched down further by INR 150/tonne (t) to INR 39,450/t exw Raipur on 17 July, 2024.
About 2,900 t of deals were recorded in all today, down from 1,000 t on 16 July.
In Raipur, rebar prices decreased by INR 400/t, while wire rod prices declined INR 200/t today. Meanwhile, sponge iron prices inched up today by INR 100/t in Raipur.
The conversion spread from sponge iron (PDRI) to billets of the standalone furnaces in the region was recorded at INR 13,550/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) - Four trades at INR 39,400-39,700/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 39,459/t which is given a 50% weightage in the final price calculation.
- 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 nine was INR 39,487/t and given a 50% weightage in the final price calculation.
The final price of billet exw Raipur was at INR 39,473/t, rounded to INR 39,450/t exw.
Click for detailed methodology
