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India: BigMint's billet index edges down by INR 100/t d-o-d - 26 Sep

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BigMint Bureau

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26 Sep 2024, 18:50 IST

India: BigMint's billet index edges down by INR 100/t d-o-d - 26 Sep

BigMint's billet index fell marginally by INR 100/t d-o-d today to INR 39,950/tonne (t) exw-Raipur.

The index saw a marginal correction towards the end of today's session, driven by weak buying interest at higher offers and sufficient bookings made over the past few days. Meanwhile, buying activity in both the semi-finished and finished steel segments remained slow throughout the day.

Deals of around 1,480 t were recorded today, compared to 4,700 t on 25 September.

In the finished steel segment, rebar prices increased by INR 200/t, with 1,000 t deals concluded, while wire rod prices rose slightly by INR 300/t d-o-d. Meanwhile, sponge iron prices in Raipur remained stable d-o-d.

The conversion spread from sponge iron (PDRI) to billets of standalone furnaces in the region was recorded at INR 12,750/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) - Five trades at INR 39,900-40,100/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 39,976/t, which was 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 39,964/t and given a 50% weightage in the final price calculation.

The final price of billets exw-Raipur stood at INR 39,970/t, rounded off to INR 39,950/t exw.

Click here for detailed methodology