- Rebar prices decreases by INR 200/t
- Sponge prices drop by INR 300/t
On 17 Feb 2025, BigMint’s India billet index experienced a dip of INR 250/tonne (t), settling at INR 39,100/t exw-Raipur.
The decline was driven by moderate trade rates and buyers’ hesitance in opting for trades at the higher end of the price spectrum. Nominal trade volumes were observed in semi-finished and finished materials.
In the finished steel segment, rebar prices down by INR 200/t , while wire rod prices dropped by INR 300/t. Sponge iron prices also saw a decrease of INR 300/t.
Standalone furnaces in the region recorded a conversion spread from sponge iron (PDRI) to billets at INR 14,500/t.
Rationale –
This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as 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 trades at INR 39,000/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 39,000/t which is given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicative (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 39,200/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 39,100/t exw.
Click for detailed methodology
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