India: BigMint's billet index remains range-bound d-o-d amid modest buying - 16 Sep

BigMint's billet index remained stable at INR 37,200/tonne (t) exw-Raipur on 16 September 2024.

In Raipur, rebar prices remained stable today, while wire rod prices declined by INR 200/t d-o-d, with deals of 1,500 t recorded. Meanwhile, sponge iron prices in Raipur experienced a slight increase of INR 200/t.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur region was recorded at INR 12,300/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) - Three trades at INR 37,100-37,200/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 37,185/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 37,177/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 37,181/t exw-Raipur, rounded to INR 37,200/t exw.

Click here for detailed methodology