India: BigMint's billet index rises further by INR 100/t d-o-d - 14 Jan

BigMint's billet index rose by INR 100/tonne (t) d-o-d to INR 39,000/t exw Raipur on 14 January 2025.

The index increased today, buoyed by positive developments in the neighbouring markets that uplifted overall market sentiment. However, buying activity in both semi-finished and finished steel segments remained limited, as festive holidays in various regions across the country dampened trading momentum.

In the finished steel market, rebar prices inched up by INR 100/t, while wire rod prices increased by INR 200/t d-o-d. Meanwhile, sponge iron prices in Raipur, too, increased by INR 100/t today.

The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the region was recorded at INR 14,600/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) - Two 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 was given 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicative (T2) - Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 39,007/t and given 50% weightage in the final price calculation.
  
  

The final price of billets exw-Raipur was INR 39,003/t, rounded off to INR 39,000/t exw.

Click for detailed methodology