India: BigMint's billet index drops further by INR 150/t d-o-d - 1 Aug'24

BigMint's billet index inched down further by INR 150/tonne (t) to INR 39,100/t exw Raipur on 1 August, 2024.

Today, weak buying interest exerted downward pressure on the billet index, leading to further corrections in spot offerings for semi-finished and finished steel. Market activity remained slow, and sources anticipate that this trend will continue in the near future.

In Raipur, rebar prices decreased by INR 100/t, while wire rod prices declined by INR 300/t d-o-d. Additionally, the price of sponge iron in Raipur decreased by INR 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) - Two trades at INR 39,100/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 39,100/t which is 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 39,121/t and given a 50% weightage in the final price calculation.
  
  

The final price of billet exw Raipur was at INR 39,110/t, rounded to INR 39,100/t exw.

Click for detailed methodology