- Buying remains weak even at stable offers
- Finished steel prices stay stable in Raipur
BigMint’s billet index remained unchanged at INR 41,000/tonne (t) exw-Raipur on 24 April 2025, as the market saw subdued activity on weak demand.
Despite weak buying interest, sellers held firmly to spot offers following recent price corrections. Market participants remained cautiously optimistic, anticipating a positive turnaround following the government’s safeguard duty announcement. However, buyers mostly refrained from fresh bookings due to continued weakness in finished steel sales.
In Raipur, rebar and wire rod prices continued to remain stable d-o-d. Meanwhile, sponge iron prices in Raipur inched up INR 50/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,500/t, indicating slight upward pressure from raw material costs.
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 41,000/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 41,000/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 41,017/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,008/t exw-Raipur, rounded to INR 41,000/t exw.
Click here for detailed methodology
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