India: BigMint's billet index inches up by INR 50/t d-o-d amid limited buying - 18 Feb

Limited buying keeps semis offers range-bound
Slight improvement seen in finished steel segment

BigMint’s billet index rose slightly by INR 50/t d-o-d, settling at INR 39,150/tonne (t) exw-Raipur on 18 February 2025.

The index remained range-bound today with a slight rise seen towards the close of trading today, as soft demand at higher offers weighed on spot prices. This led to a decline in trading volumes, resulting in price volatility. Buyers remained cautious, holding back on purchases amid uncertain market sentiments, while sellers adjusted spot prices in an attempt to attract buying interest.

In Raipur, rebar and wire rod prices increased by INR 200/t, with modest buying activity observed. Meanwhile, sponge iron prices in Raipur climbed up by INR 150/t today.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,500/t.

Rationale

This index is derived based on transaction, offer, bid, 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 39,100-39,300/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 39,142/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 39,158/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,151/t exw-Raipur, rounded to INR 39,150/t exw.

Click here for detailed methodology3