- Spot prices range-bound amid fewer inquiries
- Finished steel prices remain unchanged d-o-d
BigMint’s daily billet index witnessed a marginal decline of INR 50/tonne (t) d-o-d to INR 38,300/t exw-Raipur on 11 June 2025, as the market continued to exhibit a range-bound trend with limited buying activity and fewer inquiries.
Market participants engaged in need-based bookings at various offers, and only minor price fluctuations were observed during the trading session. Despite the slight drop in billet prices, overall market sentiment was broadly steady, with buyers showing cautious interest.
In the finished steel segment, both rebar and wire rod prices remained unchanged d-o-d. Meanwhile, sponge iron prices in Raipur dropped by INR 150/t amid limited bookings.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,200/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 38,300-38,400/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 38,357/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Ten offers were recorded in the trading window and considered as T2 inputs. The average price of these ten was INR 38,278/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,317/t exw-Raipur, rounded off to INR 38,300/t exw.
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