- Moderate buying activity observed at varied price levels
- Finished steel prices drop INR 200/t in Raipur
BigMint’s daily billet index declined by INR 100/tonne (t) day-on-day, settling at INR 36,700/t exw-Raipur on 3 July 2025, amid volatile market sentiments and subdued demand.
Market activity lost pace during the trading session, with spot offers under pressure due to persistent demand weakness. Modest buying was recorded at varied price levels in the semi-finished steel segment, primarily driven by need-based procurement. However, the continued weakness in finished steel demand weighed on overall market sentiments.
In the finished steel segment, both rebar and wire rod prices declined by INR 200/t d-o-d, as limited buyer participation persisted. Meanwhile, sponge iron prices in Raipur remained unchanged, maintaining stability d-o-d.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,150/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 36,700-36,800/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 36,747/t, 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 36,700/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,723/t exw-Raipur, rounded off to INR 36,700/t exw.
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