India: BigMint's billet index remains stable - 29 July

BigMint's billet index remained stable at INR 39,000/tonne (t) exw-Raipur on 29 July, 2024.

The index remained range-bound throughout the day, with prices fluctuating due to varying sentiments and uncertainty among buyers and sellers regarding market movements in the coming days. Only need-based buying was observed in the semi-finished and finished steel segments throughout the day.

About 1,880 t of transactions were recorded today as against 4,500 t on 26 July.

In the finished steel segment, rebar and wire rod prices increased by INR 200/t d-o-d. Meanwhile, sponge iron prices inched down by INR 50/t in Raipur.

The conversion spread from sponge iron (PDRI) to billets of the standalone furnaces in the region was recorded at INR 13,750/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) - Three trades at INR 39,000/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 39,000/t which is given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicative (T2) - Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 39,000/t and given a 50% weightage in the final price calculation.
  
  

The final price of billet exw Raipur was at INR 39,000/t exw

Click for detailed methodology