- Sponge iron, finished steel remain volatile
- Buyers move to sidelines, await price clarity
BigMint’s billet index remained unchanged d-o-d (d-o-d) at INR 40,300/tonne (t) exw-Raipur on 2 May 2025.
The market remained range-bound with minor fluctuations, and ultimately closing stable by the end of the session. Buying activity across both semi-finished and finished steel remained limited, as participants took hold positions, preferring to monitor market movement in the near term.
In Raipur, rebar continued to remained stable, while wire rod prices dropped by INR 100/t d-o-d. Additionally, sponge iron prices in Raipur inched up 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 16,100/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 trade at INR 40,300/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 40,300/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Elevenoffers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 40,340/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,320/t exw-Raipur, rounded off to INR 40,300/t exw.
Click here for detailed methodology
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