- Sellers reduce spot offers to lure buyers
- Finished prices correct by INR 100-200/t
BigMint’s billet index declined for the third consecutive session, falling by INR 150/tonne (t) d-o-d to settle at INR 41,000/t exw-Raipur on 18 April 2025, as market demand remained subdued.
The market continued to witness a downward pressure on spot offers, with sellers trimming prices to encourage buying in both the semi-finished and finished steel segments. Although a few trades were concluded at lower offer levels, overall buying sentiment stayed weak.
In the finished steel segment, rebar prices declined by INR 200/t, while wire rods dipped slightly by INR 100/t d-o-d. Meanwhile, sponge iron prices in Raipur also softened by INR 100/t d-o-d
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,400/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) – Two trades at INR 41,000/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 41,000/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 41,041/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,021/t exw-Raipur, rounded off to INR 41,000/t exw.
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