- Limited demand weighs on trade sentiment
- Spot offers witness INR 100-200/t correction d-o-d
BigMint’s billet index dropped by INR 200/tonne (t) d-o-d, settling at INR 40,250/t exw-Raipur on 6 May 2025, as limited buying activity and ongoing market uncertainty continued to weigh on sentiment.
Persistent weak demand exerted pressure on spot offers, prompting sellers to reduce prices in an attempt to revive trade. Despite the price cuts, market participation remained subdued, with only need-based procurement seen throughout the session.
In Raipur, rebar and wire rod prices fell marginally owing to limited demand. Meanwhile, sponge iron prices in Raipur edged lower by INR 100/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,750/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 40,200-40,300/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 40,225/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 40,283/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,254/t exw-Raipur, rounded off to INR 40,250/t exw.
Click here for detailed methodology
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