- Buyers turn cautious amid uncertainty
- Finished steel prices fall INR 300-400/t
BigMint’s billet index dropped by INR 250/tonne (t) d-o-d, to INR 41,150/t exw-Raipur on 17 April 2025, as weak buying interest continued to weigh on market sentiment.
The ongoing demand slump triggered further corrections in spot offers, with buyers maintaining a cautious stance amid uncertainty. Sellers reduced prices to stimulate trade, but limited buyer participation kept the market subdued throughout the session.
In the finished steel segment, rebar prices declined by INR 400/t, while wire rod tags dipped by INR 300/t d-o-d. Adding to the bearish tone, sponge iron prices in Raipur also edged down by INR 100/t.
The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in the Raipur cluster was assessed at INR 15,450/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) – Three trades at INR 41,100-41,200/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 41,145/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 41,178/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,161/t exw-Raipur, rounded to INR41,150/t exw.
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