- Limited buying interest weighs on spot prices
- Finished prices see INR 200-400/t corrections
BigMint’s billet index fell slightly by INR 50/t, settling at INR 41,200/t exw-Raipur on 28 March 2025.
The index witnessed a marginal correction today due to limited buying interest and lower market activity, as participants remained cautious ahead of the financial year closing. Both semi-finished and finished steel segments stayed subdued, with prices expected to remain range-bound until the end of the month, BigMint learnt.
In Raipur, rebar prices decreased by INR 400/t amid limited deals, while wire rod prices declined by INR 200/t d-o-d. Additionally, sponge iron prices in Raipur dropped by INR 200/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 15,300/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) – Two trades at INR 41,200/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 41,200/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 41,221/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,210/t exw-Raipur, rounded off to INR 41,200/t exw.
Click here for detailed methodology
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