- Positive macroeconomic cues boost sentiment
- Finished steel prices rise INR 100/t in Raipur
BigMint’s billet index registered a modest d-o-d rise of INR 200/tonne (t) on 10 April 2025, to INR 41,800/t exw-Raipur, supported by improved buying activity in both semi-finished and finished steel segments.
The market witnessed a slight increase in offers today amid enhanced buying interest, which also lifted overall sentiment. Positive macroeconomic cues further boosted market confidence, leading to a slight uptick in spot trade participation.
Steel market snapshot – Raipur
- Rebar prices rose slightly by INR 100/t, with deals for 1,200 t concluded.
- Wire rod tags also increased by INR 100/t, with 2,550 t traded across the region.
- Sponge iron prices edged up by INR 50/t amid improved demand from local buyers and those from nearby locations.
The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur cluster was recorded at INR 15,550/t, indicating healthy margins amid stable input costs and moderate price support from the finished segment.
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 41,700-41,800/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 41,781/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 41,833/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,807/t exw-Raipur, rounded off to INR 41,800/t exw.
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