- Sporadic bookings done, only at lower prices
- Finished steel prices dip INR 100/t in Raipur
BigMint’s billet index registered a marginal drop of INR 150/tonne (t) d-o-d, settling at INR 39,700/t exw-Raipur on 26 May 2025, as need-based buying continued to dominate the semi-finished steel market.
Market sentiments remained weak, with demand failing to rebound despite softer offers. Most buyers remained cautious, leading to limited participation and contributing to the overall downtrend in spot prices. However, some bookings were noted at lower levels, following a prolonged period of tepid demand.
In finished steel, rebar and wire rod prices decreased by INR 100/t d-o-d. Furthermore, sponge iron prices in Raipur declined by INR 150/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,750/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 39,700/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 39,700/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 39,706/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,703/t exw-Raipur, rounded off to INR 39,700/t exw.
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