BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

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India: BigMint's billet index rises by INR 1,900/t d-o-d to hit 7-month high - 15 Apr'24

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BigMint Bureau

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15 Apr 2024, 19:19 IST

India: BigMint's billet index rises by INR 1,900/t d-o-d to hit 7-month high - 15 Apr'24

Billet index hits 7-months high

Finished prices rise significantly

BigMint's billet price index accelerated by INR 1,900/t to touch INR 44,300/t exw Raipur as on 15 April, 2024.

The index climbed to a seven-month high. Billet prices across regions increased by INR 1,600-2,100/t today, supported by trading activity in the semi-finished segment. Finished steel prices rose as participants booked material at higher tags, expecting prices to climb up further.

Today's transaction volume was recorded at 4,520 t, against 1,480 t on 12 April.

The finished steel market saw rebar prices climbing up by a significant INR 2,300/t, with trading volumes of 6,500 t recorded. Wire rod prices increased by INR 1,600/t, with transaction volumes of 5,800 t recorded. Sponge iron prices rose by INR 1,900/t.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 13,700/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 44,300-44,700/t were recorded during the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 44,339/t which is given a 50% weightage in the final price calculation. Apart from this one trade of INR 45,000/t was recorded at 13:27 pm but excluded due to timing.

Other Price Indicators - bids/offers/indicative (T2) - Four offers reported in the trading window and considered as T2 inputs. The average price of these four was INR 44,266/t and given a 50% weightage in the final price calculation.

The final price for billet exw Raipur was at INR 44,303/t, rounded to INR 44,300/t exw.

Click for detailed methodology