- Spot prices gain support as buying improves
- Finished steel demand strengthens trade sentiment
BigMint’s daily billet index saw a marginal recovery of INR 100/tonne (t) day-on-day, settling at INR 40,200/t exw-Raipur on 8 May 2025, backed by improved buying interest in the spot market.
Market sentiments turned slightly optimistic during the latter half of trading today, with improved demand seen in both the semi-finished and finished steel segments. Increased buying activity, particularly in Raipur, lent support to billet prices and contributed to the uptick.
Steel market snapshots
- Rebar prices declined slightly by INR 100/t, with 900 t of deals concluded today.
- Wire rod prices also eased by INR 100/t, with a total of 2,250 t traded across the region.
- Sponge iron prices remained unchanged, supported by moderate yet improved buying activity.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was recorded at INR 15,950/t
Rationale
This index is derived based on transaction, 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) – Five trades at INR 40,100-40,300/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 40,194/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 40,250/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,222/t exw-Raipur, rounded off to INR 40,200/t exw.
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