- Limited buying pressures down spot offers
- Raipur finished steel tags dip by INR 300/t
BigMint’s daily billet index witnessed a d-o-d decline of INR 250/tonne (t), settling at INR 38,900/t exw-Raipur on 3 June 2025, as only a few deals were concluded at lower price levels, while overall market activity remained subdued.
Weak market sentiments and cautious buying behaviour continued to weigh on semi-finished steel prices. Despite lower offers, demand failed to recover, and most participants preferred to wait, resulting in limited spot transactions and a continued downtrend.
In the finished steel segment, both rebar and wire rod prices dropped by INR 300/t d-o-d. Meanwhile, sponge iron prices in Raipur declined marginally by INR 100/t.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,400/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) – One trade at INR 38,900/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 38,900/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 38,883/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,891/t exw-Raipur, rounded off to INR 38,900/t exw.
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