India: BigMint's billet index inches up by INR 50/t - 9 Jul'24
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BigMint's billet index inched up by INR 50/t, reaching INR 39,300/t exw-Raipur on 9 July, 2024.
The index rose slightly as the offering increased in the second half of the session, owing to the influence of the northern market, which raised market sentiments. However, purchasers chose to wait, resulting in low to moderate trading recorded under the semi-finished material.
Today, around 1,500 t deals were recorded whereas, 1,100 t volumes were recorded on 8 July .
In Raipur, rebar prices decreased by INR 200/t, with 1,300 t of trades recorded. The price of wire rod fell by INR 100/t and 6,850 t were recorded today. The price of sponge iron in Raipur remained stable for today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 13,700/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) -Four trades at INR 39,150-39,400/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 39,263/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 39,300/t and given a 50% weightage in the final price calculation.
The final price of billet exw Raipur was at INR 39,281/t, rounded to INR 39,300/t exw.
Click for detailed methodology
T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology
