- Limited enquiries soften spot offers
- Finished steel holds steady in Raipur
BigMint’s daily billet index edged down by INR 50/tonne (t) day-on-day, settling at INR 37,800/t exw-Raipur on 17 June 2025, as market activity remained muted amid fading buying interest.
The semi-finished steel market saw a marginal downtrend as fresh inquiries remained limited. Demand weakened across both semi-finished and finished steel segments, with buyers refraining from active participation following sufficient purchases made earlier in past few days.
In the finished steel segment, both rebar and wire rod prices remained stable throughout the day. Meanwhile, sponge iron prices in Raipur dipped slightly by INR 50/t amid slow demand.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,950/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 37,800/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 37,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 37,845/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,822/t exw-Raipur, rounded off to INR 37,800/t exw.
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