- Moderate trading activity halts sharper price correction
- Subdued finished steel demand weighs on billet prices
BigMint’s daily billet index dropped by INR 100/t, reaching at INR 36,750/tonne (t) exw-Raipur on 7 July 2025.
Billet prices witnessed a decline today as demand weakened day-on-day in the finished steel market. The lack of buying interest and subdued sentiment in downstream segments failed to provide any support to billet prices.
However, despite the downward pressure, moderate trading activity was observed which helped prevent a sharper fall in prices.
Sellers remained cautious, refraining from aggressive cuts amid hopes of improved demand in the near term. Overall, the market remained under pressure.
In the finished steel segment, rebar prices stood still d-o-d, while wire rod prices decreased by INR 100/t. On the other hand, sponge iron prices in Raipur fell by INR 50/t.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,950/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) – Two trades at INR 36,700-36750/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 36,750/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 36,725/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,725/t exw-Raipur, rounded off to INR 36,750/t exw.
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