- Buying remains weak due to higher offers
- Finished steel prices soar INR 900-1,000/t d-o-d
BigMint’s billet index witnessed a sharp rise of INR 550/tonne (t) day-on-day (d-o-d), settling at INR 41,250/t exw-Raipur on 22 April 2025, even as buying interest remained subdued amid elevated offers.
The surge in prices was primarily attributed to a shift in market sentiment following the government’s safeguard duty announcement, which significantly impacted spot offers across the semi-finished and finished steel segments.
Despite the bullish pricing trend, buying activity remained limited, as major bookings were already done in the previous session, leaving limited room for fresh trades at today’s higher prices.
In the finished steel segment, rebar prices increased by INR 900/t, while wire rod prices surged by INR 1,000/t d-o-d. Sponge iron prices in Raipur also climbed up by INR 550/t.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed steady at INR 15,450/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 41,200/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 41,200/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 41,333/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,266/t exw-Raipur, rounded off to INR 41,250/t exw.
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