India: BigMint's billet index shows marginal increase of INR 150/t d-o-d - 13 Feb

Modest buying seen amid higher offers
Finished steel prices rise up to INR 300/t d-o-d

BigMint’s billet index rose slightly by INR 150/tonne (t) to INR 39,450/t exw-Raipur on 13 February 2025.

The index saw a marginal uptick towards the end of today’s trading session despite market volatility throughout the day. However, weak finished steel demand continued to weigh on overall buying activity, keeping transactions in the semi-finished steel segment modest d-o-d.

Market participants remained cautious with respect to market potential, closely monitoring price movements before making further bookings.

In Raipur, rebar prices increased slightly by INR 200/t, while wire rod tags rose by INR 300/t d-o-d. Meanwhile, sponge iron prices stayed stable today.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,450/t.

Rationale

This index is derived based on transaction, offer, bid, 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 39,400-39,500/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 39,428/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 39,500/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,464/t exw-Raipur, rounded to INR 39,450/t exw.

Click here for detailed methodology