- Offers slip despite slight pick-up in demand
- Muted finished steel sales foster caution
BigMint’s billet index slipped by INR 50/tonne (t) d-o-d to INR 37,000/t exw-Raipur on 30 June 2025, amid modest buying activity and largely range-bound market sentiments.
Spot offers witnessed minor downward adjustments, though a slight improvement in semi-finished steel demand was observed. Buyers opted for need-based procurement, as muted sales in the finished steel segment kept them cautious.
Notably, there were moderate bookings for higher-grade billets today, from both Raipur and neighbouring regions, due to competitive pricing. Additionally, overall transaction volumes were also moderate.
In the finished steel segment, rebar prices declined by INR 300/t d-o-d, reflecting the weak sentiment, while wire rod prices remained unchanged. Additionally, sponge iron prices in Raipur fell marginally by INR 50/t d-o-d.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,600/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) – Five trades at INR 37,000-37,100/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 37,033/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 37,000/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,016/t exw-Raipur, rounded off to INR 37,000/t exw.
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