- Limited demand in semis weighs on spot offers
- Finished steel tags remain range-bound d-o-d
BigMint’s billet index declined marginally by INR 50/tonne (t) d-o-d, settling at INR 39,850/t exw-Raipur on 16 May 2025, amid modest buying interest and a slight recovery in semi-finished steel trading.
Market sentiments remained range-bound, with subdued demand seen in the semi and finished steel segments, as sufficient bookings had already been concluded in yesterday’s trading session. However, minimal market activity and lesser enquiries were observed throughout the day in both the segments.
In the finished steel segment, rebar prices continued to remain stable, while wire rods dipped slightly by INR 100/t d-o-d. Meanwhile, sponge iron prices in Raipur too were stable.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster improved to INR 15,650/t, primarily supported by falling input costs.
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 39,800-39,900/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 39,874/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 39,875/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,874/t exw-Raipur, rounded off to INR 39,850/t exw.
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