- Offers drop amid subdued market in north India
- Buyers cap purchases amid limited finished sales
BigMint’s billet index inched down by INR 200/tonne (t) d-o-d to INR 39,300/t exw-Raipur on 12 February 2025.
The index dropped due to lower offers, as the market in north India was subdued. Buyers also capped their purchases due to limited movement in the finished steel segment.
Transactions for about 2,000 t were recorded today.
In the finished steel segment, rebar prices remained firm d-o-d, and wire rod tags fell by INR 300/t. Sponge iron prices were unchanged d-o-d.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 13,300/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 trade at INR 39,200-300/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 is INR 39,250/t, which was given a 50% weightage in the final price calculation. .
- Other price indicators – bids/offers/indicatives (T2) – Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight is INR 39,300/t and given a 50% weightage in the final price calculation.
The final price for billets exw-Raipur was INR 39,275/t, rounded off to INR 39,300/t exw.
Click here for detailed methodology
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