- Modest buying supports offers
- Finished steel prices up INR 100-200/t in Raipur
BigMint’s billet index rose slightly by INR 200/t, settling at INR 40,150/t exw-Raipur on 17 March 2025.
The index edged higher today, supported by a few bookings at higher levels even as overall market sentiments remained firm with slight fluctuations in offers seen throughout the day. However, buyers remained cautious, awaiting improved market activity before engaging in further bookings.
In Raipur, rebar prices increased marginally by INR 100/t today, while wire rod prices climbed up by INR 200/t d-o-d. Additionally, sponge iron prices in Raipur inched up by INR 50/t 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) – Four trades at INR 40,100-40,350/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 40,152/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 40,150/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,151/t exw-Raipur, rounded off to INR 40,150/t exw.
Click here for detailed methodology
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