India: BigMint's billet index falls further by INR 300/t d-o-d - 2 Aug'24

BigMint's billet index has declined further by INR 300/tonne (t) to INR 38,800/t exw Raipur on 2 August, 2024.

Today, weak buying interest continued to weigh on the billet index, following the ongoing downtrend. The market faced further corrections in anticipation of improved buying activity. However, buyers remained less active despite the availability of lower offers d-o-d. This lack of interest from buyers contributed to the persistent downward pressure on the market.

In finished steel, rebar and wire rod prices declined by INR 300/t d-o-d. Additionally, the price of sponge iron in Raipur inched down by INR 50/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) - Two trades at INR 38,800/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 38,800/t which is given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicative (T2) - Seven offers were reported in the trading window and considered as T2 inputs. The average price of these seven was INR 38,840/t and given a 50% weightage in the final price calculation.
  
  

The final price of billet exw Raipur was at INR 38,820/t, rounded to INR 38,800/t exw.

Click for detailed methodology