- Modest procurements observed in semis d-o-d
- Finish demand up, prices surge by INR 600/t
BigMint’s billet index surged to a nine-month high, rising by INR 250/t d-o-d to reach INR 42,500/t exw-Raipur on 3 April 2025.
The index saw further gains today, driven by an upward market trend and influence from neighbouring markets, pushing spot offers higher. While buying activity in the semi-finished steel segment remained modest, finished steel demand witnessed a significant uptick, leading to improved buying interest and supporting price levels d-o-d.
In Raipur, rebar prices increased by INR 600/t with 6,800 t of deals concluded today, while wire rod prices jumped INR 500/t d-o-d. Furthermore, sponge iron prices in Raipur rose by INR 150/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 15,950/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) – Three trades at INR 42,500-42,600/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 42,531/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 42,493/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,512/t exw-Raipur, rounded off to INR 42,500/t exw.
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