- Bookings recorded at lower price points
- Demand for finished, semis remain muted
BigMint’s billet index dropped further by INR 200/t to INR 38,800/t exw-Raipur on 7 February 2025.
Sluggish buying in semi-finished and finished steel was the main cause of today’s drop, though some bookings at lower rates were noted. Due to the unsupportive response in finished steel, market participants adopted a cautious outlook, expecting additional corrections in the near future.
In Raipur, rebar prices decreased by INR 100/t. Prices of wire rods fell slightly by INR 100/t d-o-d, while those of sponge iron in Raipur decreased by INR 150/t d-o-d.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was at INR 14,050/t.
Rationale
This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as 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) – One trades at INR 38,800/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 38,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 38,816/t and given a 50% weightage in the final price calculation.
The final price of billets exw-Raipur was at INR 38,808/t rounded to 38,800/t exw.
Click here for detailed methodology
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