- Spot prices gain support as demand improves
- Finished steel bookings strengthen sentiments
BigMint’s daily billet index recorded a marginal recovery of INR 100/tonne (t) d-o-d, settling at INR 39,900/t exw-Raipur on 15 May 2025, supported by renewed buying interest in the spot market.
Market sentiments turned slightly optimistic in the latter half of the session, with improved demand noted across both the semi-finished and finished steel segments. The uptick in trading activity, especially in Raipur, provided stability to billet prices, reflecting a cautious recovery in market confidence.
Key highlights:
- Rebar prices fell slightly by INR 200/t, with 2,950 t of deals concluded today.
- Wire rod prices stayed range-bound, supported by improved trades.
- Sponge iron prices remained unchanged, supported by improved buying activity.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at INR 15,700/t
Rationale
This index is derived based on transaction, 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) – Five trades at INR 39,800-40,000/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 39,905/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 39,900/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,902/t exw-Raipur, rounded off to INR 39,900/t exw.
Click here for detailed methodology
Leave a Reply