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India: BigMint's billet index remains firm d-o-d amid moderate buying - 19 Feb

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BigMint Bureau

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19 Feb 2025, 18:31 IST

India: BigMint's billet index remains firm d-o-d amid moderate buying - 19 Feb

Cautious market sentiments prevail

Sponge iron, finished steel tags fall

BigMint's billet index stood stable d-o-d today at INR 39,150/tonne (t) exw-Raipur on 19 February 2025.

The billet index remained range-bound today with slight fluctuations, closing stable by the end of the session. Buying activity in both the semi-finished and finished steel segments was moderate, with market participants closely monitoring trends for potential stability and improvement in the near term.

Amid cautious market sentiment, sellers adjusted offers in response to demand variations, aiming to attract buyers.

In Raipur, rebar and wire rod prices decreased by INR 200/t d-o-d, with moderate buying activity observed. Additionally, sponge iron prices in Raipur dropped by INR 150/t d-o-d today.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,650/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) - Four trades at INR 39,100-39,200/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 39,133/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 39,191/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,162/t exw-Raipur, rounded off to INR 39,150/t exw.

Click here for detailed methodology