India: BigMint's billet index up INR 50/t d-o-d - 25 Oct

BigMint's billet index increased by INR 50/t to INR 39,450/t exw-Raipur on 25 October, 2024.

The index rose today amid volatile market sentiments. However, the increase in offers had no major impact on buying activity, as participants adopted a cautious approach.

In the finished steel segment, rebar prices increased by INR 500/t, while wire rod prices rose by INR 200/t. Sponge iron prices edged up by INR 50/t.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 13,150/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 trades at INR 39,300/t were recorded during the 02:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Above trade was considered as outlier.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Eleven offers reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 39,414/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 39,414/t, rounded to INR 39,400/t exw.

Click for detailed methodology