BigMint’s billet index inched up by INR 200/tonne (t) to INR 38,550/t exw-Raipur on 7 August, 2024
The index fluctuated throughout the day but ended slightly higher d-o-d. This improvement was driven by increased offers and an uptick in buying activity yesterday and today’s trading session. About 3,400 t of deals were recorded today as against 2,400 t on 6 August.
In the finished steel segment, rebar prices were stable, with 1,200 t of deals recorded in Raipur. Wire rod prices increased slightly by INR 200/t d-o-d. Meanwhile, sponge iron prices in Raipur inched down by INR 100/t today.
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) – Five trades at INR 38,500-38,600/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 38,529/t which is given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicative (T2) – Five offers were reported in the trading window and considered as T2 inputs. The average price of these five was INR 38,587/t and given a 50% weightage in the final price calculation.
The final price of billets exw-Raipur was at INR 38,558/t, rounded off to INR 38,550/t exw.
Click for detailed methodology
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