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India: BigMint's billet index inches up by INR 50/t d-o-d - 4 Oct

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BigMint Bureau

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4 Oct 2024, 18:29 IST

India: BigMint's billet index inches up by INR 50/t d-o-d - 4 Oct

BigMint's billet index inched up by INR 50/tonne (t) to INR 41,900/t exw-Raipur as on 4 October 2024.

The index remained range-bound today, with a slight increase driven by neighbouring market influences. However, buying activity was slow, and intraday sentiments remained weak across the semi-finished and finished steel segments. Sufficient bookings had already been placed in the past few days, contributing to a hold-back situation d-o-d, as rising spot offers deterred further bookings.

Around 1,300 t deals were recorded today, compared to 4,300 t on 3 October.

In the finished steel segment, 1,300 t deals in rebar were recorded, with prices increasing by INR 400/t. Wire rod prices, on the other hand, fell by INR 100/t d-o-d. Additionally, prices of sponge iron rose by INR 400/t d-o-d.

In addition, the conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the region was recorded at INR 12,850/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 41,900-42,000/t were recorded between 2:30 pm and 5:30 pm during the BigMint trading window. These were considered for the final price calculation as T1 inputs. The average price of these transactions was INR 41,976/t, which was assigned a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Ten offers were reported during the trading window and considered as T2 inputs. The average price of these ten offers was INR 41,870/t, which was assigned a 50% weightage in the final price calculation.

The final price of billet exw-Raipur was at INR 41,923/t, rounded off to INR 41,900/t exw.

Click here for detailed methodology