India: BigMint's billet index fell marginally by INR 50/t d-o-d - 1 May

BigMint's billet index declined by INR 50/tonne (t) day-on-day, settling at INR 40,300/t exw-Raipur on 1 May 2025, amid limited buying in both semi-finished and finished steel segment.

Volatile market sentiment in semi-finished steel persisted throughout the day, with a slight weakening towards market closing. Buyer confidence remains fragile due to subdued demand in the overall finished steel market, resulting in range-bound prices.

In Raipur, rebar and wire rod prices continued to remain stable d-o-d. Additionally, sponge iron prices in Raipur also remained firm today.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster assessed at INR 16,150/t.

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) - One trades 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) - Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 40,314/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 40,307/t exw-Raipur, rounded off to INR 40,300/t exw.

Click here for detailed methodology