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India: BigMint's billet index declines further despite improved buying - 17 July

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BigMint Bureau

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17 Jul 2024, 18:29 IST

India: BigMint's billet index declines further despite improved buying - 17 July

BigMint's billet index inched down further by INR 150/tonne (t) to INR 39,450/t exw Raipur on 17 July, 2024.

The index fell slightly today as market sentiments remained average. Participants were anticipating an upward movement in spot prices, but buyer interest was not supportive, driving the market sideways. However, buying activity improved slightly for semi-finished steel.

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