India: BigMint's billet index witnesses slight improvement d-o-d - 31 Jan

BigMint's billet index moved up slightly today by INR 50/t, settling at INR 39,450/tonne (t) exw-Raipur on 31 January 2025.

In Raipur, rebar and wire rod prices continued to remain stable d-o-d. Meanwhile, sponge iron prices in Raipur increased by INR 300/t today.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,200/t.

Rationale

This index is derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered 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 39,400-39,500/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 39,471/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 39,470/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 39,470/t exw-Raipur, rounded to INR 39,450/t exw.

Click here for detailed methodology