- Average demand seen for semi-finished steel
- Buyers cautious ahead of fiscal year-end
BigMint’s billet index increased further by INR 650/t, reaching INR 41,650/t exw-Raipur on 24 March 2025.
Today, the index witnessed a significant increase owing to positive tidings in the nearby markets which led spot offers to reach a new high. However, buying activity and demand in semi-finished and finished steel remained moderate as participants were unsure of price movements ahead of the financial year-end.
In Raipur, both rebar and wire rod prices increased slightly by INR 300/t, with approximately 2,600 t of deals being concluded. Additionally, sponge iron prices in Raipur climbed up by INR 450/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 15,300/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) – Six trades at INR 41,500-41,700/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 41,624/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Seven offers were reported in the trading window and considered as T2 inputs. The average price of these seven was INR 41,633/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,628/t exw-Raipur, rounded off to INR 41,650/t exw.
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