- Buyers show interest at lower offers
- Finished tags fall on limited inquiries
BigMint’s billet index fell by INR 350/tonne (t) d-o-d to INR 39,050/t exw-Raipur on 29 May 2025, as lower spot offers led to modest buying interest in the semi-finished steel segment.
The market saw moderate booking activity today following price corrections, with participants showing interest at lower values. However, inquiries in finished steel remained limited, contributing to a continued downtrend in the broader market. Weak demand across segments continued to weigh on overall market sentiments, with buyers remaining cautious amid falling price trends.
In finished steel, rebar prices declined by INR 300/t d-o-d today, while wire rod tags decreased by INR 400/t. Additionally, sponge iron prices in Raipur slumped by INR 250/t d-o-d today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,350/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) – Two trades at INR 39,000/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 39,000/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 39,080/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,040/t exw-Raipur, rounded off to INR 39,050/t exw.
Click here for detailed methodology
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