- Improved bookings lift spot offers d-o-d
- Finished steel sees INR 100-500/t recovery
BigMint’s daily billet index registered a d-o-d rise of INR 200/tonne (t), settling at INR 39,150/t exw-Raipur on 2 June 2025, as buying activity picked up in both the semi-finished and finished steel markets.
The market experienced intra-day fluctuations but concluded with a positive adjustment, supported by improved demand and increased buying activity. Spot bookings were recorded at varied price levels, including transactions from neighbouring markets, contributing to the index’s recovery.
In the finished steel segment, rebar prices edged up by INR 100/t, while wire rods rose sharply by INR 500/t d-o-d. In addition, sponge iron prices in Raipur saw a minor increase of INR 50/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,550/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) – Four trades at INR 39,100-39,200/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 39,144/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 39,133/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,139/t exw-Raipur, rounded off to INR 39,150/t exw.
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