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India: BigMint's billet index surges by INR 600/t d-o-d amid improved buying - 27 Jan

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BigMint Bureau

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27 Jan 2025, 18:50 IST

India: BigMint's billet index surges by INR 600/t d-o-d amid improved buying - 27 Jan

Suppliers lift billet offers on positive market sentiments

Rebar surges by INR 600/t, wire rod up by INR 400/t

BigMint's billet index increased by INR 600/tonne (t) d-o-d to INR 39,400/t exw-Raipur on 27 January 2025.

The index experienced a significant increase today, driven by positive market sentiments and improved buying activity in both the semi-finished and finished steel segments. This momentum supported higher spot offers throughout the day.

In Raipur, rebar prices surged by INR 600/t, with deals totalling 2,300 t concluded. Similarly, wire rod tags increased by INR 400/t d-o-d. Sponge iron prices in Raipur also saw a notable rise of INR 600/t d-o-d 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) - Three trades at INR 39,300-39,400/t were recorded between 2:30 pm and 5:30 pm during the BigMint trading window. These were considered for the final price calculation as T1 inputs. The average price of these transactions was INR 39,360/t, which was assigned a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Twelve offers were reported during the trading window and considered as T2 inputs. The average price of these twelve offers was INR 39,442/t, which was assigned a 50% weightage in the final price calculation.

The final price of billets exw-Raipur was assessed to be INR 39,401/t, rounded off to INR 39,400/t exw.

Click here for detailed methodology