- Limited buying at higher offers
- Finished steel demand remains firm in Raipur
BigMint’s billet index fell slightly by INR 150/t, reaching INR 41,500/t exw-Raipur on 25 March 2025.
The index witnessed a marginal correction today, due to limited buying activity in both the semi-finished and finished steel segments. Market participants remained cautious with respect to market sentiments, while spot offers were on the higher side, leading to subdued buying activity d-o-d.
In the finished steel segment, rebar prices remained firm, and 1,300 t of deals were concluded, while wire rod prices inched up by INR 100/t d-o-d. Additionally, sponge iron prices in Raipur dipped slightly by INR 50/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 15,200/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) – Three trades at INR 41,500-41,600/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 41,519/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 41,500/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,509/t exw-Raipur, rounded off to INR 41,500/t exw.
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