- Positive sentiment lifts billet index d-o-d
- Finished steel prices remain range-bound
BigMint’s billet index rosefurther by INR 150/tonne (t) d-o-d, settling at INR 36,700/t exw-Raipur on 17 July 2025. The increase was mainly due to positive market sentiment and price support from neighbouring regions, despite limited buying activity in the semi-finished segment.
Spot offers for billets witnessed a slight uptick, following continued bullishness in raw material and semi-finished markets. However, semi-finished steel demand remained subdued, reflecting a disconnect between billet and finished steel offtake.
Finished steel prices (rebar, and wire rods) stayed range-bound, as weak end-user demand and cautious trade limited market movement.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster narrowed to INR 13,200/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 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 36,729/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 36,690/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,709/t exw-Raipur, rounded off to INR 36,700/t exw.
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