- Subdued demand weighs on spot offers d-o-d
- Finished steel prices down INR 100-200/t in Raipur
BigMint’s daily billet index declined by INR 100/tonne (t) day-on-day, settling at INR 36,400/t exw-Raipur on 15 July 2025, as buying activity remained limited amid cautious sentiment in the market.
Spot offers saw minor downward adjustments throughout the day. While a marginal improvement in semi-finished steel demand was seen, overall trading remained largely need-based, with participants refraining from bulk procurement due to sluggish finished steel sales.
Despite the reduction in prices, buyer response was muted, with persistent weak sentiment and lower bids keeping market participation restricted. Sellers were induced to further reduce offers to stimulate interest, particularly in the semi-finished segment.
In the finished steel segment, rebar prices declined by INR 200/t on weak demand, while wire rod prices fell slightly by INR 100/t d-o-d. Additionally, sponge iron prices in Raipur dropped marginally by INR 100/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed 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) – One trade at INR 36,400/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 36,400/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 36,390/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,395/t exw-Raipur, rounded off to INR 36,400/t exw.
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