- Buying activity softens at higher offers
- Finished steel prices rise by INR 400/t in Raipur
BigMint’s billet index today rose a further INR 200/t, reaching INR 40,350/t exw-Raipur on 18 March 2025.
The index rose further due to improved demand, particularly in the finished steel segment in the central-eastern region. This led to a significant increase in spot offers, providing support to semi-finished steel prices as well.
However, buying activity remained limited as buyers found offers on the higher side and adopted a cautious approach to gauge the confidence level of the market.
In Raipur, rebar and wire rod prices increased significantly by INR 400/t. Meanwhile, sponge iron prices in Raipur climbed by 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) – One trade at INR 40,300/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 40,300/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 40,414/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,375/t exw-Raipur, rounded off to INR 40,350/t exw.
Click here for detailed methodology
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