India: BigMint's billet index falls further by INR 200/t d-o-d - 9 Aug

BigMint's billet index declined further by INR 200/t reaching INR 38,200/tonne exw-Raipur on 9 August, 2024.

Rebar prices decreased by INR 200/t, while wire rod prices dropped INR 300/t d-o-d. Sponge iron prices in Raipur fell INR 200/t today.

The conversion spread from sponge iron (PDRI) to billets of the standalone furnaces in the region was recorded at INR 14,000/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) - Three trades at INR 38,200-38,300/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 38,229/t which is given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicative (T2) - Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 38,175/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets exw-Raipur was at INR 38,202/t, rounded off to INR 38,200/t exw.

Click for detailed methodology