- Subdued buying persists amid fluctuating offers
- Finished steel demand continues to remain weak
BigMint’s billet index witnessed a marginal decline of INR 100/tonne (t) d-o-d, settling at INR 37,100/t exw-Raipur on 10 July 2025. Prices remained range-bound as buying activity stayed muted, with participants adopting a cautious stance in response to persistent weakness in demand.
Market activity remained limited throughout the day, with varying offers failing to prompt active procurement. Buyers appeared hesitant, closely monitoring market direction amid concerns related to the sustainability of current price levels, especially as raw material costs have surged while finished steel demand remains subdued.
Participants noted that the ongoing weakness in the finished steel segment continues to affect sentiment, leading to strictly need-based procurement.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,400/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 trade at INR 37,100/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 37,100/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Six offers were reported in the trading window and considered as T2 inputs. The average price of these six was INR 37,075/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,087/t exw-Raipur, rounded off to INR 37,100/t exw.
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