- Modest demand pressures spot prices
- Finished steel prices down INR 100-200/t in Raipur
BigMint’s daily billet index declined by another INR 150/tonne (t) day-on-day (d-o-d), settling at INR 37,900/t exw-Raipur on 13 June 2025. Spot price corrections continued amid modest demand, touching a new low today.
Market activity remained largely subdued as weakness in the finished steel segment discouraged participants from aggressive bookings in the semi-finished steel market. However, need-based demand provided limited support to spot trade volumes, preventing steeper declines.
In the finished steel segment, rebar prices dropped by INR 100/t, while wire rod prices slipped further by INR 200/t d-o-d. Meanwhile, sponge iron prices in Raipur declined by INR 150/t amid limited spot inquiries.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster stood unchanged at INR 15,050/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) – Three trades at INR 37,900-38,000/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 37,907/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 37,883/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,895/t exw-Raipur, rounded off to INR 37,900/t exw.
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