India: BigMint's billet index surges by INR 450/t d-o-d amid improved buying - 31 Mar

• Finished steel tags rise INR 200-400/t
  
  
• Price uptrend to continue in near term
  
  

BigMint's billet index increased by INR 450/t d-o-d to INR 41,850/t exw-Raipur on 31 March 2025.

The index experienced a significant increase today, driven by positive market sentiment and improved buying in both semi-finished and finished steel segments. This encouraged participants to engage in forward bookings, leading to higher trade volumes on a d-o-d basis.

Notably, the market outlook remains firm, with sustained demand supporting the upward price momentum.

In Raipur, rebar prices increased by INR 400/t d-o-d, with deals for 2,100 t concluded, while wire rod tags climbed up by INR 200/t. Additionally, sponge iron prices rose 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 15,150/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) - Four trades at INR 41,800-42,000/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 41,935/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 41,780/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 41,858/t exw-Raipur, rounded off to INR 41,850/t.

Click here for detailed methodology