- Limited enquiries weigh on semi-finished steel offers
- Muted buying persists amid steel market slowdown
BigMint’s billet index recorded a marginal day-on-day (d-o-d) decline of INR 100/tonne, settling at INR 37,400/t exw-Raipur on 5 August 2025. Market sentiment remained muted, with subdued buying interest and a cautious outlook prevailing across key trading hubs.
Buyer participation was limited, and lower inquiry volumes kept spot market activity restrained. The ongoing slowdown in finished steel demand continued to weigh heavily on overall momentum, prompting a slight softening in billet offers.
In the finished steel segment, both rebar and wire rod prices dropped by INR 200/t today. Meanwhile, sponge iron prices edged down by INR 100/t, driven by weak inquiries and softer spot offers.
The conversion spread from PDRI to billets for standalone induction furnace (IF) operators in Raipur was assessed at INR 13,050/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 38,000/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 38,000/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 38,000/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,000/t exw-Raipur, rounded off to INR 38,000/t exw.
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