India: BigMint's billet index remains range-bound d-o-d amid modest buying - 8 Oct

BigMint's billet index remained stable at INR 41,950/tonne (t) exw-Raipur on 8 October 2024.

In Raipur, rebar prices increased by INR 300/t on Tuesday with 900 t deals concluded. Meanwhile, wire rod prices declined by INR 200/t d-o-d. Sponge iron prices in Raipur edged down by INR 100/t.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur region was recorded at INR 13,150/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