- Semi-finished steel demand sees minor uptick
- Slight recovery in finished steel bookings reported
BigMint’s daily billet index remained rangebound, holding steady at INR 37,500/tonne (t) exw-Raipur on 30 July 2025, amid modest buying activity and overall cautious market sentiments.
The market experienced volatility throughout the day, supported by slightly positive cues from the northern region of India. This contributed to fluctuations in spot offers. Minor improvement in semi-finished and finished steel demand led to moderate bookings at varied price levels; however, the broader sentiment stayed subdued.
Market participants noted that the prolonged weakness in the finished steel segment led caution from participants while bookings, with procurement largely confined to lower price points and limited volumes.
In the finished steel segment, rebar prices fell slightly by INR 200/t, while wire rod prices remained stable day-on-day. Additionally, sponge iron prices in Raipur dips 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 12,700/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 37,500/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 37,500/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 37,507/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,503/t exw-Raipur, rounded off to INR 37,500/t exw.
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