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India: BigMint's billet index rises slightly by INR 150/t d-o-d amid limited buying - 20 Jan

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BigMint Bureau

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20 Jan 2025, 19:03 IST

India: BigMint's billet index rises slightly by INR 150/t d-o-d amid limited buying - 20 Jan

Fluctuating offers keep buyers cautious

Finished steel prices hold steady d-o-d

BigMint's billet index increased by INR 150/tonne (t) d-o-d to INR 38,750/t exw-Raipur on 20 January 2025.

The index moved within a narrow range today, with a marginal increase towards the end of the session, influenced by volatile pricing in neighbouring regions. However, buying remained limited due to the fluctuation in offers, as buyers were not confident about the sustainability of prices.

The finished steel segment remained under pressure amid market volatility, which intensified the cautious sentiments among participants.

In the finished steel sector, rebar and wire rod prices remained stable d-o-d. Meanwhile, sponge iron prices in Raipur also stayed firm d-o-d today.

The conversion spread between sponge iron (PDRI) and billets for standalone furnaces in the region was recorded at INR 14,650/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 38,700-38,800/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 38,761/t, which was given 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicative (T2) - Seven offers were reported in the trading window and considered as T2 inputs. The average price of these seven was INR 38,775/t and given 50% weightage in the final price calculation.

The final price of billets exw-Raipur was INR 38,768/t, rounded off to INR 38,750/t exw.

Click for detailed methodology