- Modest buying in semis, finished
- Spot offers remain volatile
BigMint’s billet index remained stable today at INR 40,050/t exw-Raipur on 7 March 2025.
The billet index remained range-bound throughout the day, closing on a firm note, unchanged from yesterday’s closing. Modest buying activity was observed in the semi-finished and finished steel segments, though market participants faced volatility in spot offers on a d-o-d basis.
In Raipur, rebar prices remained constant, with 1,900-t of deals concluded. Wire rod prices rose by INR 300/t d-o-d. Sponge iron prices in Raipur also saw a notable rise of INR 200/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,750/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) – Six trades at INR 40,000-40,300/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 40,035/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 40,100/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,068/t exw-Raipur, rounded off to INR 40,050/t exw.
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