- Modest buying activity seen in semis
- Finished prices down INR 200/t in Raipur
BigMint’s billet index dropped by INR 300/tonne (t) d-o-d to INR 39,800/t exw-Raipur on 3 March 2025.
The billet index declined today due to weaken market sentiments, leading to modest buying activity in the semi-finished and finished steel segments. Throughout the day, market sentiment remained weak, limiting trade volumes as buyers were hesitant to engage in transactions. Market participants exercised caution, anticipating further corrections in the coming days.
In Raipur, rebar and wire rod prices declined by INR 200/t d-o-d. Additionally, sponge iron prices in Raipur also dropped by INR 100/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur cluster was recorded at INR 14,900/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) – One trade at INR 39,800/t were recorded during the 2:30-5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 39,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 39,842/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,821/t exw-Raipur, rounded off to INR 39,800/t exw.
Click here for detailed methodology
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