- Need-based buying continues at lower offers
- Finished steel segment sees volatile trends
BigMint’s daily billet index declined further by INR 100/tonne (t) d-o-d, settling at INR 36,800/t exw-Raipur on 2 July 2025, as weak market sentiment persisted despite softer spot offers.
Trading activity remained limited, primarily driven by need-based procurement at reduced price levels. However, the overall market tone stayed bearish, with participants cautious amid mixed buyer responses from the finished steel segment.
In finished steel, rebar prices recovered by INR 100/t, supported by selective demand, while wire rod prices dipped by INR 100/t. Meanwhile, sponge iron prices in Raipur strengthened by INR 150/t, backed by limited availability and a slight uptick in demand.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,250/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 36,777/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 36,800/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,788/t exw-Raipur, rounded off to INR 36,800/t exw.
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