India: BigMint's billet index gains INR 200/t d-o-d despite limited buying - 9 July

Elevated offers heard despite subdued activity
Finished steel prices rise INR 200-300/t in Raipur

BigMint’s billet index continued its upward trend, increasing by INR 200/tonne (t) day-on-day to settle at INR 37,200/t exw-Raipur on 9 July 2025. The rise was largely attributed to elevated offers, despite limited spot activity, as most buyers had already secured bookings in prior sessions.

The market remained range-bound through the day, with a slight increase in offers seen toward the closing. However, overall buying participation remained muted, with traders exercising caution on account of recent price hikes and uncertainty surrounding demand in the near term.

Market snapshots

Rebar: Prices rose by INR 200/t, though enquiries stayed limited.
Wire rod: Extended gains with a INR 300/t increase d-o-d.
Sponge iron: Surged by INR 450/t on improved demand and tightening availability

While finished steel witnessed incremental buying, concerns over price sustainability in the semi-finished segment kept sentiment cautiously optimistic.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,500/t, narrowing further amid rising 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) – Three trades at INR 37,200-37,300/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 37,220/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 37,212/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 37,216/t exw-Raipur, rounded off to INR 37,200/t exw.

Click here for detailed methodology