India: BigMint's billet index remains range-bound d-o-d - 5 Aug'24

BigMint's billet index remained stable at INR 38,500/t exw Raipur on 5 August, 2024.

In Raipur, rebar and wire rod prices remained stable throughout the day due to weak buying on a d-o-d basis. Meanwhile, sponge iron prices in Raipur edged down by INR 150/t today.

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 38,500/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 38,500/t which is given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicative (T2) - Seven offers were reported in the trading window and considered as T2 inputs. The average price of these seven was INR 38,500/t and given a 50% weightage in the final price calculation.
  
  

The final price of billet exw Raipur was at INR 38,500/t exw.

Click for detailed methodology