- Weak demand weighs on spot offers
- Marginal decline in finished steel prices
BigMint’s daily billet index dropped by INR 200/tonne (t) day-on-day (d-o-d), settling at INR 38,800/t exw-Raipur on 5 June 2025. The market witnessed continued sluggishness in demand, extending the downtrend for a second consecutive trading session.
Amid persistent price corrections, market participants remained cautious, holding back from fresh bookings. The subdued sentiment spilled over to finished steel as well, where overall activity remained under pressure.
In the finished steel segment, rebar prices stayed stable, while wire rod prices fell slightly by INR 200/t d-o-d. Meanwhile, sponge iron prices in Raipur dropped by INR 150/t, in line with the trend in semi-finished steel.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in Raipur was assessed at INR 15,400/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 trades at INR 38,800/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 38,800/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 38,835/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,817/t exw-Raipur, rounded off to INR 38,800/t exw.
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