- Limited buying due to higher offers
- Finished steel prices rise INR 500/t d-o-d
BigMint’s billet index climbed to a six-month high, rising by INR 250/t d-o-d to reach INR 42,100/t exw-Raipur on 1 April 2025. The index remained rangebound throughout the day, with a slight increase seen towards the end of the trading session.
However, buying activity in both the semi-finished and finished steel segments remained limited today, as recent spot price hikes and sufficient prior bookings kept demand subdued.
In Raipur, both rebar and wire rod prices increased by INR 500/t d-o-d. Furthermore, sponge iron prices in Raipur rose by INR 200/t today.
The conversion spread from sponge iron (PDRI) to billets of the standalone furnaces in the Raipur cluster was recorded at INR 15,700/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 42,050-42,200/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 42,097/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 42,112/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,105/t exw-Raipur, rounded off to INR 42,100/t exw.
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