India: BigMint's billet index edges up by INR 100/t d-o-d - 1 Oct
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BigMint's billet index inched up by INR 100/t d-o-d today, reaching INR 41,100/tonne (t) exw-Raipur on 1 October 2024.
In Raipur, rebar prices increased by INR 400/t d-o-d today, with deals of 2,000 t concluded. Wire rod prices also rose INR 400/t d-o-d, with deals of 950 t recorded. Meanwhile, sponge iron offers in Raipur saw a slight hike of INR 200/t d-o-d today.
The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in Raipur was recorded at INR 13,000/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) - Two trades at INR 41,000-41,100/t were recorded during the 2:30 pm-5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 41,061/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 41,160/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,110/t exw-Raipur, rounded off to INR 41,100/t exw.
Click here for detailed methodology
