- Limited enquiries despite lower offers
- Finished steel prices dip further in Raipur
BigMint’s billet index declined by INR 200/tonne (t) day-on-day, settling at INR 40,000/t exw-Raipur on 9 May 2025, amid subdued participation and reduced market activity.
Market sentiments remained weak throughout the session, as buyers refrained from active procurement. Participants had already secured sufficient bookings during yesterday’s trading session at best prices. Meanwhile, inquiries in the finished steel segment also remained limited, contributing to the overall slowdown.
In finished steel, rebar prices in Raipur declined by INR 200/t today, while wire rod prices fell slightly by INR 100/t d-o-d. Furthermore, sponge iron prices edge lower by INR 50/t in Raipur today.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster stood at INR 15,800/t, primarily supported by falling input costs.
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 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 40,014/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,007/t exw-Raipur, rounded off to INR 40,000/t exw.
Click here for detailed methodology
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