- Muted inquiries seen amid festive holiday
- Finished steel prices stay largely firm d-o-d
BigMint’s billet index stayed unchanged d-o-d at INR 37,000/tonne (t) exw-Raipur on 27 August. Market activity was limited, as sufficient bookings in earlier sessions and the Ganesh Chaturthi holiday curbed fresh inquiries.
- Finished steel: In Raipur, rebar offers inched up by INR 100/t d-o-d, while wire rods remained stable, reflecting balanced demand-supply conditions for the latter.
- Raw material: Sponge iron prices gained INR 50/t d-o-d in Raipur despite muted inquiries.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 13,650/t, indicating stable producer margins despite limited buying interest.
Rationale
This index is derived based on transactions, offers, bids, 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) – One trades at INR 37,000/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 37,000/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 37,014/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,007/t exw-Raipur, rounded off to INR 37,000/t exw.
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