- Billet market sees active spot transactions
- Inquiries for finished steel improve d-o-d
BigMint’s daily billet index rose marginally by INR 50/tonne (t) d-o-d, settling at INR 37,850/t exw-Raipur on 16 June 2025, supported by a slight improvement in buying activity within the semi-finished steel market.
The market witnessed firm offers, with the modest recovery driven by better demand and active spot transactions. Bookings were concluded at varying prices, including some from neighbouring markets, which helped lift market sentiment.
In the finished steel segment, both rebar and wire rod prices remained stable d-o-d, as inquiries improved. Additionally, sponge iron prices in Raipur edged up by INR 100/t amid stronger demand.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,950/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) – Two trades at INR 37,850-37,900/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 37,866/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were recorded in the trading window and considered as T2 inputs. The average price of these thirteen was INR 37,875/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,870/t exw-Raipur, rounded off to INR 37,850/t exw.
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