- Market players remain in wait-and-watch mode
- Finished steel edges lower by INR 100/t in Raipur
BigMint’s billet index declined by INR 250/tonne (t) d-o-d, settling at INR 37,050/t exw-Raipur on 27 June 2025, as market sentiments remained weak and participation was limited.
Market activity lost momentum, with weakening sentiments dragging spot offers lower. Despite softer prices, most participants adopted a cautious stance, as sufficient bookings had already been concluded in previous trading sessions. This led to restrained participation and contributed to weakness across both semi-finished and finished steel segments d-o-d.
In the finished steel segment, rebar and wire rod prices saw marginal corrections by INR 100/t. Meanwhile, sponge iron prices in Raipur fell sharply by INR 250/t d-o-d.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,700/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 37,000/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 37,000/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 37,136/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,068/t exw-Raipur, rounded off to INR 37,050/t exw.
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