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India: BigMint's billet index falls slightly by INR 50/t d-o-d - 24 Oct

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BigMint Bureau

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24 Oct 2024, 19:09 IST

India: BigMint's billet index falls slightly by INR 50/t d-o-d - 24 Oct

BigMint's billet index edged lower by INR 50/t, settling at INR 39,350/tonne (t) exw-Raipur on 24 October, 2024.

The index remained range-bound throughout the day, reflecting mixed trends across markets. Buying activity in both the semi-finished and finished steel segments was moderate owing to varying offers heard during today, as market participants were cautious about purchases ahead of the upcoming festive holidays. Additionally, the persistent lackluster demand for finished steel kept overall market sentiment subdued.

In Raipur, rebar prices decreased by INR 200/t today, with 1,000 t deals concluded. Meanwhile, wire rod prices fell by INR 100/t, with 1,800 t deals heard concluded. Sponge iron prices in Raipur declined by INR 200/t.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur region was recorded at INR 13,150/t.

Rationale

This index is derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered 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 39,200-39,400/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 39,316/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Five offers were reported in the trading window and considered as T2 inputs. The average price of these five was INR 39,362/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,339/t exw-Raipur, rounded to INR 39,350/t exw.

Click here for detailed methodology