- Limited buying despite lower offers
- Finished steel prices drop INR 500-600/t d-o-d
BigMint’s billet index declined sharply by INR 600/t d-o-d, reaching INR 41,500/t exw-Raipur on 7 April 2025.
The index witnessed a significant decline due to weakened market sentiments and subdued demand in both semi-finished and finished steel segments, which led to a sharp drop in spot prices. However, a few deals were concluded towards the end of the trading session at lower offers, as participants remained cautious amid ongoing market correction.
In Raipur, rebar prices dropped by INR 500/t today, while wire rod prices decreased by INR 600/t d-o-d. Additionally, sponge iron prices in Raipur declined INR 350/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 15,450/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) – Four trades at INR 41,500/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 41,500/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 41,540/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,520/t exw-Raipur, rounded off to INR 41,500/t exw.
Click here for detailed methodology
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