- Semi-finished bookings improve at varied offers
- Finished steel segment remains under pressure
BigMint’s billet index recorded a d-o-d (d-o-d) increase of INR 150/tonne (t), settling at INR 37,550/t exw-Raipur on 1 August 2025, as buying activity showed signs of modest recovery in the semi-finished steel segment.
Bookings picked up at varied offer levels, particularly during the second half of the trading session, reflecting improved sentiment and renewed buyer interest. This uptrend was supported by a positive shift in the sponge iron market across India, which led to a noticeable increase in trade volumes throughout the day.
Despite the uptick in the semi-finished segment, the finished steel market remained under pressure, with minimal participation and limited inquiry levels. In this segment, rebar prices dropped sharply by INR 400/t, while wire rod prices remained flat d-o-d, indicating continued cautious sentiment among end-users. Meanwhile, sponge iron prices in Raipur edged up by INR 50/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 12,900/t, showing a slight improvement from the previous session.
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) – Two trades at INR 37,500-37,600/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 37,560/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 37,550/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,555/t exw-Raipur, rounded off to INR 37,550/t exw.
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