- Positive market sentiment triggers price hikes
- Finished steel prices soar INR 300-700/t d-o-d
BigMint’s billet index recorded a sharp uptick of INR 500/tonne (t) d-o-d to INR 40,350/t exw-Raipur on 12 May 2025, even as overall buying activity remained limited due to elevated offers.
The significant rise in billet prices was driven by favourable market sentiment, which triggered a sharp increase in spot offers across both 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 300/t, while wire rod tags surged by INR 700/t d-o-d. Sponge iron prices in Raipur also climbed up by INR 500/t.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed steady d-o-d at INR 15,750/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 40,300/t was recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as a T1 input and given a 50% weightage.
- 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 40,406/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,353/t exw-Raipur, rounded off to INR 40,350/t exw.
Click here for detailed methodology
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