- Limited buying despite lower offers
- Finished steel prices remain firm
BigMint’s billet index fell further by INR 100/t, reaching INR 39,900/t exw-Raipur on 12 March 2025.
The index dropped further today due to limited buying interest and lower participation in market activity. Despite lower offers, only minimal buying was observed in the semi-finished steel segment, which kept overall market sentiment weak. This resulted in marginal price correction d-o-d.
In Raipur, rebar and wire rod prices remained largely firm today. Meanwhile, sponge iron prices in Raipur dipped by INR 150/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,850/t.
Rationale
This index is derived based on transaction, 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 trades at INR 39,900/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 39,900/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 39,937/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,919/t exw-Raipur, rounded off to INR 39,900/t exw.
Click here for detailed methodology
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