- Limited demand triggers further correction
- Finished steel dips by INR 100/t in Raipur
BigMint’s billet index further declined marginally by INR 100/tonne (t) d-o-d, settling at INR 39,400/t exw-Raipur on 28 May 2025, as need-based buying continued to weigh on semi-finished steel offers.
Market sentiments remained largely steady with minor fluctuations observed across both the semi-finished and finished steel segments. Most participants stayed cautious, making purchases only to fulfill immediate requirements, which led to limited buying activity and minor downward price adjustments.
In finished steel, rebar and wire rod prices decreased by INR 100/t d-o-d. Furthermore, sponge iron prices in Raipur inched up INR 50/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,450/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 39,300-39,500/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 39,380t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 39,464/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,422/t exw-Raipur, rounded off to INR 39,400/t exw.
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