- Muted buying leads to price downtrend d-o-d
- Finished steel demand weakens further in Raipur
BigMint’s daily billet index slipped by INR 200/tonne (t) day-on-day, settling at INR 38,600/t exw-Raipur on 6 June 2025, as subdued demand led to further softening in spot prices.
Despite lower offers, market participants remained cautious, leading to limited spot transactions. The lack of active buying, coupled with weakening cues from the finished steel segment, continued to pressure the semi-finished market.
In the finished steel segment, rebar prices edged down by INR 100/t, Meanwhile, wire rod prices dropped INR 200/t d-o-d. Sponge iron prices in Raipur also saw a marginal correction of INR 100/t, tracking the overall bearish sentiment.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,300/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 38,600-38,700/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 38,645/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 38,600/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,622/t exw-Raipur, rounded off to INR 38,600/t exw.
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