- Cautious buyers opt to wait and watch
- Sponge iron, finished steel prices steady
BigMint’s billet index stayed largely range-bound with a marginal rise d-o-d, settling at INR 40,050/tonne (t) exw-Raipur on 21 May 2025.
The market witnessed minor fluctuations throughout the day but closed with a slight upward adjustment. Buying activity remained limited across both the semi-finished and finished steel segments, as market participants opted to wait and watch, closely monitoring for any signs of a potential recovery.
In Raipur, rebar continued to remained stable, while wire rod prices rose slightly 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 standalone induction furnaces in the Raipur cluster stood at INR 15,650/t.
Rationale
This index is derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered as 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 40,000-40,100/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 40,057/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 40,040/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,048/t exw-Raipur, rounded off to INR 40,050/t exw.
Click here for detailed methodology
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