- Limited buying due to weak finished steel demand
- Rebar prices in Raipur drop INR 200/t d-o-d
BigMint’s daily billet index recorded a marginal recovery of INR 100/tonne (t) day-on-day (d-o-d), settling at INR 39,000/t exw-Raipur on 4 June 2025, as the market showed a slight upward momentum amid limited buying interest.
Market sentiments remained volatile, with a modest rise in spot offers recorded. However, buying activity stayed subdued, as buyers continued to resist fresh bookings amid weak support from the finished steel segment.
In Raipur, wire rod prices remained stable, while rebar prices dropped by INR 200/t d-o-d, reflecting continued pressure in the finished steel market. Meanwhile, sponge iron prices in the region inched up by INR 50/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,450/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) – Three trades at INR 38,900-39,000/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 38,976t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 39,014/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,995/t exw-Raipur, rounded off to INR 39,000/t exw.
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