- Limited buying weighs on spot offers
- Finished steel prices drop INR 400/t in Raipur
BigMint’s billet index declined by INR 500/t d-o-d, reaching INR 41,300/t exw-Raipur on 14 April 2025.
The index witnessed a significant decline today due to weakened market sentiments and subdued demand in both semi-finished and finished steel segments, leading to a sharp drop in spot prices. However, a few deals were concluded towards the end of the trading session at lower offers, as participants remained cautious amid ongoing market correction.
In Raipur, rebar and wire rod prices decreased by INR 400/t amid muted buying throughout the day. Additionally, sponge iron prices in Raipur declined by INR 400/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 15,500/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 41,300/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 41,300/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 41,328/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,314/t exw-Raipur, rounded off to INR 41,300/t exw.
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