- Soft finished steel demand weighs on offers
- Pig iron prices in central India surge d-o-d
BigMint’s billet index dropped by INR 150/tonne (t) d-o-d today to INR 39,550/t exw-Raipur on 25 February 2025.
The billet index witnessed a marginal decline today, due to limited buying activity in the semi-finished steel segment. Weak finished steel demand and downward market sentiments weighed on spot offers for billets, prompting participants to reduce prices in pursuit of sales. Despite these price adjustments, bookings remained limited by the end of the trading session.
Meanwhile, pig iron prices in central India increased d-o-d, supported by tight supply. Some bookings were concluded at higher offers d-o-d.
In Raipur, rebar prices remained stable d-o-d, with deals for 1,250 t concluded today, while wire rod tags decreased by INR 100/t d-o-d. Additionally, sponge iron prices in Raipur also dropped by INR 150/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur cluster was recorded at INR 14,850/t.
Rationale
This index is derived based on transaction, offer, bid, 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 39,500-39,600/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 39,563/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eleven offers were recorded in the trading window and considered as T2 inputs. The average price of these eleven was INR 39,583/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,573/t exw-Raipur, rounded off to INR 39,550/t exw.
Click here for detailed methodology
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