- Buyers remain cautious due to low finished sales
- Finished steel weakens by INR 200-300/t in Raipur
BigMint’s daily billet index dropped by INR 300/tonne (t) d-o-d, settling at INR 36,500/t exw-Raipur on 14 July 2025, as buying interest stayed muted despite lower spot offers.
Market momentum slowed significantly, with weaker sentiment dragging prices down in the semi-finished segment. Even as offers softened, buyers stayed cautious due to a lack of support from finished steel sales, leading to restricted bookings in the billet market. Limited buyer participation further compounded the downtrend across both semi-finished and finished steel segments.
Market snapshot
- Rebars declined by INR 200/t d-o-d, while wire rod prices decreased by INR 300/t, with buyer participation remaining limited.
- Sponge iron prices in Raipur inched up by INR 50/t d-o-d, in line with weakening sentiment and reduced raw material demand.
The spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster settled at INR 13,150/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 36,400-36,500/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 36,484/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 36,550/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,517/t exw-Raipur, rounded off to INR 36,500/t exw.
Click here for detailed methodology
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