- Limited enquiries soften spot offers
- Finished prices fall INR 200/t in Raipur
BigMint’s billet index registered a d-o-d decline of INR 250/tonne (t), settling at INR 36,850/t exw-Raipur on 11 July 2025, as muted demand and limited enquiries kept market participation subdued.
Market activity slowed further during the session, with spot offers coming under pressure amid persistent weakness in demand. Buying activity remained muted across both the semi-finished and finished steel segments, as participants continued to adopt a cautious stance.
Market snapshot
- Rebar and wire rod prices both declined by INR 200/t d-o-d, with buyer participation remaining limited.
- Sponge iron prices in Raipur also fell by INR 200/t, in line with weakening sentiment and reduced raw material demand.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,350/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 36,800/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 36,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 36,866/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,833/t exw-Raipur, rounded off to INR 36,850/t exw.
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