India: BigMint's billet index falls INR 500/t d-o-d - 29 Nov'24

BigMint's billet index dipped INR 500/t d-o-d to INR 38,200/t exw Raipur on 29 November, 2024.

Today's market saw yet another slump, mostly as a result of lower demand for semi-finished and finished steel. Demand stayed low, which can be explained by the fewer inquiries that were answered.

The finished steel segment was stable today in Raipur, as rebar prices remained firmed and wire rod prices fell INR 200/t. Prices of sponge iron fell by INR 150/t.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 13,750/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 trade at INR 38,200/t was 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 38,200/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Six offers reported in the trading window and considered as T2 inputs. The average price of these six was INR 38,216/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 38,208/t, rounded to INR 38,200/t exw.

Click for detailed methodology