India: BigMint's billet index edges up by INR 50/t d-o-d - 23 Dec

• Sellers raise offers amid improved buying activity
  
  
• Rebar prices hold steady d-o-d, wire rod tags drop
  
  

BigMint's billet index inched up by INR 50/tonne (t) d-o-d to INR 39,300/t exw-Raipur on 23 December 2024.

The index improved slightly today, as higher offers were floated, supported by a lift in buying activity. This resulted in moderate transaction volumes.

Transactions of about 1,500 t were recorded today.

In the finished steel segment, rebar prices remained stable d-o-d, with deals of 600 t recorded. Wire rod prices dropped by INR 100/t d-o-d. Sponge iron prices witnessed an uptick of INR 150/t d-o-d.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the region was recorded at INR 14,500/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) - One trades at INR 39,200/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 39,200/t, which was 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 39,250/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets exw-Raipur stood at INR 39,224/t, which was rounded off to INR 39,200/t exw.

Click here for detailed methodology