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 declines marginally by INR 100/t d-o-d - 5 Sep

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BigMint Bureau

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5 Sep 2024, 18:59 IST

India: BigMint's billet index declines marginally by INR 100/t d-o-d - 5 Sep

BigMint's billet index edged down by INR 100/tonne (t) to INR 38,100/t exw-Raipur on 5 September 2024.

The index remained range-bound today, with a marginal decline towards the end of the trading session. Despite an initial rise in spot offerings due to improved buying activity from the previous day, weak buyer response weighed on the market, limiting overall trade. As a result, market sentiments softened, leading to a dip in prices d-o-d.

In Raipur, rebar prices increased by INR 200/t, with deals of 1,350 t closed. Wire rod prices gained INR 300/t d-o-d. Meanwhile, sponge iron prices in Raipur experienced a slight increase of INR 100/t.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur region was recorded at INR 13,200/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) - Two trades at INR 38,100/t were recorded during the BigMint trading window (2:30 pm to 5:30 pm IST) and considered for the final price calculation as T1 inputs. The average of these transactions was INR 38,100/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicative (T2) - Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 38,140/t and given a 50% weightage in the final price calculation.

The final price of billet exw-Raipur was INR 38,120/t, rounded to INR 38,100/t exw.

Click here for detailed methodology