- Buying remains muted, sellers adjust offers
- Finished steel tags rise INR 200/t in Raipur
BigMint’s billet index remained stable today at INR 41,600/tonne (t) exw-Raipur on 9 April 2025.
The index held firm, as weakening demand at higher offers weighed on spot prices, leading to reduced trading volumes and a subsequent price correction. Buyers adopted a cautious stance amid uncertain market sentiment, while sellers adjusted spot prices in an attempt to attract buying interest.
In Raipur, rebar and wire rod prices increased slightly by INR 200/t d-o-d. Meanwhile, sponge iron prices inched up by INR 100/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur cluster was recorded at INR 15,400/t.
Rationale
This index is derived based on transaction, offer, bid, 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 41,600/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 41,600/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 41,643/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,621/t exw-Raipur, rounded off to INR 41,600/t exw.
Click here for detailed methodology
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