- Finished steel prices drop INR 200-600/t
- Sponge iron prices down by INR 400/t
BigMint’s billet index declined by INR 450/tonne (t) d-o-d, settling at INR 39,900/t exw-Raipur on 13 May 2025, as limited buying interest and weak market sentiments continued to weigh on spot trading activity.
The semi-finished steel segment remained under pressure throughout the day, with restricted buying demand pulling down prices. Market participants largely refrained from active procurement, as bearish sentiment in the finished steel segment limited fresh bookings. The reversal in trend following the previous session’s surge led to caution and minimal activity by the session’s end today.
Key highlights:
- Rebar prices dropped by INR 200/t today, while wire rods plummeted by INR 600/t d-o-d.
- Sponge iron prices in Raipur also fell by INR 400/t, adding to the bearish sentiment.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster stood lower at INR 15,700/t.
Rationale
This index is derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered as 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 39,800/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 39,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Six offers were reported in the trading window and considered as T2 inputs. The average price of these six was INR 40,000/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,900/t exw-Raipur.
Click here for detailed methodology
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