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India: BigMint's billet index decreased by INR 200/t - 1 Mar'24

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1 Mar 2024, 18:30 IST
India: BigMint's billet index decreased by INR 200/t - 1 Mar'24

BigMint's billet index dropped by INR 200/t at INR 39,500/t exw-Raipur on 1 March, 2024.

The index experienced a downfall after sufficient procurement over the last few days, leading to a decrease in offerings as buyers were hesitant to purchase at these levels. Despite nominal trades volumes is recorded under semi finished and finished steel.

About 2,920 t of transactions were recorded as against 4,370 t on 29 February.

The finished steel segment rebar prices were firm with 350 t of volumes recorded. Wire rod prices remain same and 750 t of transaction recorded. Sponge iron prices were stable.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 13,250/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 39,400-39,500/t were recorded during the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 39,479/t which is given a 50% weightage in the final price calculation.

  • Other Price Indicators - bids/offers/indicative (T2) - Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 39,483/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 39,481/t, rounded to INR 39,500/t exw.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology

1 Mar 2024, 18:30 IST

 

 

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