- Trading volume shoots up amid strong demand
- Finished steel prices rise by up to INR 700/t d-o-d
BigMint’s billet index surged by INR 700/tonne (t) d-o-d to settle at a four-month high of INR 41,050/t exw-Raipur on 19 March 2025.
The significant increase was driven by strong demand in both the semi-finished and finished steel segments. Robust market participation led to a notable d-o-d increase in trading volumes.
In Raipur, both rebar and wire rod prices surged by up to INR 700/t d-o-d, with deals of approximately 6,000 t concluded. Additionally, sponge iron prices in Raipur increased by INR 400/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone furnaces in the Raipur cluster was recorded at INR 15,250/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) – Eight trades at INR 41,000-41,200/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 41,137/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 41,000/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,068/t exw-Raipur, rounded off to INR 41,050/t exw.
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