- Muted buying interest prevails
- Finished steel prices drop INR 100-400/t d-o-d
BigMint’s billet index declined further by INR 150/tonne (t) day-on-day, settling at INR 40,100/t exw-Raipur on 7 May 2025, marking a two-month low, as weak buying interest and lower market participation led to continued price correction in the semi-finished steel segment.
Market sentiments remained subdued, with demand failing to pick up despite lower offers. Buyers largely stayed on the sidelines, contributing to the day’s overall downtrend. However, some bookings in finished steel were recorded at reduced prices, following a prolonged period of weakness in the segment.
Rebar prices in Raipur fell slightly by INR 100/t today, while wire rod prices decreased by INR 400/t d-o-d. Furthermore, sponge iron prices in Raipur dropped INR 250/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,850/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) – Two trades at INR 40,100/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 40,100/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 40,107/t.
The final price of billets was INR 40,103/t exw-Raipur, rounded off to INR 40,100/t exw.
Click here for detailed methodology
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