- Offers remain elevated amid limited enquiries
- Finished steel market range-bound in Raipur
BigMint’s billet index rose further by INR 150/tonne (t) d-o-d, settling at INR 37,300/t exw-Raipur on 26 June 2025. Previously concluded bookings, helped keep spot market prices firm despite limited enquiries.
Market activity remained range-bound through the better part of the day, with a slight uptick recorded toward the session’s end. However, buying activity and overall participation were subdued, as most market players had already secured material in recent sessions. This led to cautious sentiment around sustainability of higher offers going forward.
In the finished steel segment, rebar prices remained stable today, while wire rods rose further by INR 200/t d-o-d. Meanwhile, sponge iron prices in Raipur increased by INR 200/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster stood at INR 14,700/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) – One trade at INR 37,300/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 37,300/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 37,342/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,321/t exw-Raipur, rounded off to INR 37,000/t exw.
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