- Improved bookings keep semis offers supported
- Finished steel segment sees slight decrease in prices
BigMint’s billet index remained firm today at INR 40,000/tonne (t) exw-Raipur on 28 February 2025.
The index was initially range-bound today but recovered toward the end of the trading session. The rise was primarily driven by improved buying activity in the semi-finished steel segment, which supported spot offers throughout the day.
Additionally, participants engaged in forward bookings, expecting a further increase in prices in the near term.
In Raipur, rebar prices decreased slightly by INR 100/t, while wire rod prices dropped by INR 200/t d-o-d. Meanwhile, sponge iron prices in Raipur continued to remain firm today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 15,000/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) – Four trades at INR 39,800-40,100/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 40,046/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 thirteen was INR 39,992/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,019/t exw-Raipur, rounded to INR 40,000/t exw.
Click here for detailed methodology
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