- Market participants adopt cautious approach
- Steel prices rise slightly d-o-d
BigMint’s billet index witnessed a marginal correction of INR 50/t d-o-d to reach INR 42,450/t exw-Raipur on 4 April 2025.
The index witnessed a correction today amid weak market sentiment, as buying interest and inquiries remained subdued. Market participants adopted a wait-and-watch approach, with higher spot offers failing to attract significant buyer interest. Limited buying activity was observed in the semi-finished segment even at comparatively lower offers d-o-d.
In Raipur, rebar prices rose slightly by INR 100/t today, while wire rod prices fell marginally by INR 100/t d-o-d. Furthermore, 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 15,850/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 42,400-42,500/t were recorded during the 2:30 pm to 4:00 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 42,440/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 42,483/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,461/t exw-Raipur, rounded off to INR 42,450/t exw.
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