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India: BigMint's billet index dips slightly in mixed trading - 6 Aug'24

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BigMint Bureau

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6 Aug 2024, 18:49 IST

India: BigMint's billet index dips slightly in mixed trading - 6 Aug'24

BigMint's billet index fell marginally by INR 150/tonne (t) to INR 38,350/t exw-Raipur on 6 August, 2024 in mixed trading. The decline was influenced by weak sentiments from neighbouring markets and sluggish demand at the start of the trading session. However, there was a notable improvement in buying activity for semi-finished products later in the day.

This uptick was attributed to lower offers, which attracted buyers looking for cost-effective opportunities. Additionally, increased material buying from nearby markets contributed to this positive trend d-o-d.

About 2,400 t of deals were recorded today as against 620 t on 5 August.

In the finished steel segment, rebar prices decreased by INR 400/t, with 650 t of deals recorded. Wire rod prices declined by INR 300/t, with 550 t of deals concluded d-o-d. Additionally, sponge iron prices in Raipur decreased by INR 200/t today.

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) - Three trades at INR 38,300/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 38,300/t which is given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicative (T2) - Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 38,350/t and given a 50% weightage in the final price calculation.

The final price of billets exw-Raipur was at INR 38,325/t, rounded off to INR 38,500/t exw.

Click for detailed methodology