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.

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