India: BigMint's billet index edges up by INR 100/t - 16 Oct

BigMint's billet index rose slightly by INR 100/tonne (t) d-o-d to INR 41,350/t exw-Raipur on 16 October 2024.

In Raipur, rebar prices declined slightly by INR 100/t, with deals of 650 t concluded. Meanwhile, wire rod and sponge iron offers in Raipur remained stable d-o-d.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur region was recorded at INR 13,500/t.

Rationale

This index is derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered 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 41,300-41,500/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 41,402/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 41,333/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 41,368/t exw-Raipur, rounded to INR 41,350/t exw.

Click here for detailed methodology