- Need-based buying prevails in market
- Muted trades weigh on finished steel prices
BigMint’s billet index registered a marginal decline of INR 100/tonne (t) on 7 August 2025, settling at INR 37,550/t exw-Raipur, as market sentiment remained subdued across regions. Weak demand, limited inquiries, and a cautious buying approach continued to restrain spot market activity.
The market extended its sluggish momentum amid a persistent slowdown in finished steel demand, which further pressured billet spot offers during the day. Most key regions witnessed softening market sentiments, with only need-based buying observed throughout the day.
In the finished steel segment, rebar prices fell marginally by INR 100/t today, while wire rod prices declined by INR 300/t d-o-d. Meanwhile, sponge iron prices dropped INR 200/t amid limited buying at lower offer levels today.
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) – 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 37,528/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 37,615/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,571/t exw-Raipur, rounded off to INR 37,550/t exw.
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