- Sellers drop prices to stimulate buying
- Raipur sees improved finished steel sales
BigMint’s billet index declined further by INR 250/tonne (t) d-o-d, settling at INR 40,700/t exw-Raipur on 21 April 2025, amid ongoing market corrections and cautious optimism in demand.
Despite continued pressure on spot offers, sellers adjusted prices downward to stimulate buying in both the semi-finished and finished steel segments. However, demand saw a notable uptick in the latter half of the trading session as market participants responded to price volatility and shifting macro-economic cues.
Steel market snapshot – Raipur
- Rebar prices declined slightly by INR 100/t, while 1,500 t of transactions were recorded across the region.
- Wire rod prices dropped by INR 200/t, with 3,300 t of deals concluded today.
- Sponge iron prices in Raipur fell by INR 250/t d-o-d amid a surge in buying demand based on varying sentiments.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,450/t.
Rationale
This index is derived based on transactions, 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) – Six trades at INR 40,500-40,800/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 40,660/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 40,741/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,700/t exw-Raipur.
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