India: BigMint's billet index remains stable d-o-d - 16 Aug

BigMint's billet index remained stable at INR 38,300/t exw-Raipur on 16 August, 2024.

Today, the index remained stable as sluggish market activity and muted buying from participants kept prices largely unchanged. The ongoing holidays contributed to fewer inquiries from buyers, prompting sellers to adopt a wait-and-see approach, maintaining steady offers throughout the day.

In Raipur, rebar prices held steady, with 500 t of trades recorded. Wire rod prices also remained unchanged, with 1,050 t traded d-o-d. Additionally, sponge iron prices in Raipur stayed firm.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the region was recorded at INR 13,900/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) - One trade at INR 38,300/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 38,300/t which is given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicative (T2) - Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 38,293/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets exw-Raipur was at INR 38,296/t, rounded off to INR 38,300/t exw.

Click for detailed methodology