- Improved buying seen at lower offers
- Finished steel prices slid by INR 200/t in Raipur
BigMint’s billet index declined further by INR 200/tonne (t) day-on-day (d-o-d), settling at INR 39,500/t exw-Raipur on 27 May 2025, marking its lowest level in three months, as persistently weak demand weighed on spot prices.
Market sentiments remained volatile, yet buying interest improved in the semi-finished steel segment, driven by lower price levels. However, activity in the finished steel segment stayed muted, leading to further price corrections. Participants anticipate the current uptick in semi-finished steel buying to eventually lend support to finished steel prices in the coming days.
In finished steel, rebar and wire rod prices decreased by INR 200/t d-o-d. Additionally, sponge iron prices in Raipur dropped marginally by INR 50/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,600/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) – Four trades at INR 39,400-39,500/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 39,475/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 39,555/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,515/t exw-Raipur, rounded off to INR 39,500/t exw.
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