- Significant hike in offers put off buyers
- Finished steel tags rise INR 300/t d-o-d
BigMint’s billet index rose by INR 250/tonne (t) today to INR 40,400/t exw-Raipur on 5 March 2025, extending its uptrend from yesterday.
The billet index increased today, reflecting sustained demand improvement in the semi-finished and finished steel segments over the past few days. However, today’s buying activity remained subdued due to a significant increase in spot offers and sufficient bookings made in the earlier trading sessions.
In Raipur, rebar and wire rod prices increased by INR 300/t d-o-d, with modest buying observed. Similarly, sponge iron prices in Raipur increased by INR 250/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 15,000/t.
Rationale
This index is derived based on transaction, 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) – Three trades at INR 40,300-40,400/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 40,361/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 40,456/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,408/t exw-Raipur, rounded off to INR 40,400/t exw.
Click here for detailed methodology
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