- Weak buying interest weighs on offers
- Limited demand seen in finished steel segment
BigMint’s billet index edged lower by INR 100/t d-o-d, reaching at INR 40,000/t exw-Raipur on 11 March 2025.
The index saw a slight decline today due to weak demand and lower inquiries throughout the trading session. Market sentiment remained subdued, with participants showing limited activity ahead of the upcoming Holi festival, leading to reduced spot transactions.
In Raipur, rebar prices dropped slightly by INR 100/t today. Wire rod prices remained stable d-o-d, while sponge iron prices in Raipur dipped INR 100/t d-o-d.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,800/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 trade at INR 40,000/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 40,000/t, 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 40,000/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,000/t exw-Raipur.
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