India: BigMint's billet index inches down by INR 50/t d-o-d - 26 Dec

BigMint's billet index fell slightly by INR 50/t today, reaching INR 38,950/t exw-Raipur on 26 December 2024.

The index fell marginally today due to weakening market sentiments and weak demand. Market participants adopted a cautious approach and closely monitored the market's downward movement, which resulted in a notable decrease in booking volumes d-o-d.

In the finished steel segment, rebar prices dropped INR 100/t, while wire rod prices fell by INR 200/t. Sponge iron prices, on the other hand, declined by INR 150/t today.

Standalone furnaces in the region recorded a conversion spread from sponge iron (PDRI) to billets at INR 14,450/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 38,950/t were recorded during the 02:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 38,950/t which is given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 38,983/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 38,966/t, rounded to INR 38,950/t exw.

Click for detailed methodology