- Only a few deals concluded despite lower offers
- Finished steel prices dip by INR 200/t in Raipur
India’s billet market continued to face downward pressure, as BigMint’s daily billet index dropped by INR 200/tonne (t) day-on-day, settling at INR 38,300/t exw-Raipur on 9 June 2025. Only a few deals were concluded at lower price levels, while overall market participation remained subdued.
Weak market sentiment and cautious purchasing behaviour weighed on semi-finished steel prices. Despite price corrections, buyers showed limited interest, opting to wait for clearer market direction, which led to restricted spot trade activity and further price decline.
In the finished steel segment, both rebar prices dropped by INR 200/t, while wire rod prices continued to remain stable d-o-d. Meanwhile, sponge iron prices in Raipur edged lower by INR 50/t today.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,050/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) – Three trades at INR 38,200-38,400/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 38,311/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 38,325/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,318/t exw-Raipur, rounded off to INR 38,300/t exw.
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