- Finished steel sales improve
- Sponge prices up INR 250/t
BigMint’s billet index increased by INR 450/tonne (t) today to INR 39,450/t exw-Raipur on 24 February 2025.
The billet index experienced a significant increase today, driven by a nationwide rally in market trends. This upward movement was supported by a moderate improvement in buying activity, prompting participants to raise spot prices during the trading session.
However, despite this momentum, buying activity remained modest, as market participants carefully assessed the sustainability of the upward trajectory amid prevailing price volatility.
In Raipur, rebar prices experienced an increase of INR 300/t, with concluded deals totalling 2,950 t. Similarly, wire rod prices rose by INR 400/t, with 1,700 t deals concluded. Sponge iron prices in Raipur also saw a notable rise of INR 250/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,950/t.
Rationale
This index is derived based on transaction, 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 39,800/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 39,800/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 39,833/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,816/t exw-Raipur, rounded off to INR 39,800/t exw.
Click here for detailed methodology
Leave a Reply