India: BigMint's billet index drops by INR 400/t d-o-d amid limited buying - 28 Apr

• Lower offers fail to boost trade momentum
  
  
• Wire rod prices decrease by INR 400/t d-o-d
  
  

BigMint's billet index declined by INR 400/tonne (t) d-o-d to INR 40,500/t exw-Raipur on 28 April 2025, amid limited buying and persistent weak demand.

Subdued demand weighed on market activity, triggering corrections in spot offers d-o-d. Buyers maintained a cautious approach due to prevailing uncertainty, while sellers were compelled to lower prices in an attempt to revive trade. However, buyer participation remained limited, keeping the market weak throughout the session.

Key highlights

• Rebar prices in Raipur remained stable d-o-d today.
  
  

• Sponge iron prices witnessed a sharp d-o-d decline of INR 600/t. However, buying improved amid lower offers.
  
  

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,800/t, slightly improving due to falling input costs.

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) - Two trades at INR 40,500/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 40,500/t, which was given a 50% weightage in the final price calculation.
  
  
• 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 40,537/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 40,518/t exw-Raipur, rounded off to INR 40,500/t exw.

Click here for detailed methodology