- Weak buying pressure drags down spot offers
- Finished prices drop by INR 100-200/t in Raipur
BigMint’s daily billet index registered a further drop of INR 100/tonne (t) d-o-d, settling at INR 37,700/t exw-Raipur on 18 June 2025, as buying sentiment stayed subdued despite softening prices.
Market activity remained limited, with muted enquiries and weak demand continuing to weigh on both semi-finished and finished steel segments. Lower offers in the market failed to stimulate buying interest, as sluggish finished steel sales kept participants cautious.
In the finished steel segment, rebar prices declined by INR 200/t, while wire rod prices dropped by INR 100/t d-o-d, reflecting continued lacklustre sentiment. Sponge iron prices in Raipur also fell by INR 150/t, mirroring the overall bearish tone in the semi-finished segment.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,000/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 37,700/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 37,700/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 37,725/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,712/t exw-Raipur, rounded off to INR 37,700/t exw.
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