India: BigMint's billet index edges up by INR 100/t - 19 Feb'24

BigMint's billet index inched up by INR 100/t at INR 39,350/t exw-Raipur on 19 February, 2024.

The index today improved somewhat, as higher offers were floated, supported by overall buying activity resulting in improvement in transaction volumes.

About 2,950 t of transactions were recorded as against 1,700 t on 17 February.

In the finished steel segment, rebar prices went up by INR 100/t and 900 t of transactions were recorded. Wire rod prices remained firm. Sponge iron prices witnessed an uptick of INR 50/t.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 12,900/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) - Four trades at INR 39,300-39,400/t were recorded during the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 39,342/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 39,320/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 39,331/t, rounded to INR 39,350/t exw.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology