- Semi-finished steel sees minor uptick in bookings
- Finished steel exhibits slight recovery
BigMint’s daily billet index fell by INR 50/t today, settling at INR 37,500/t exw-Raipur on 8 August 2025. Market activity was moderate, supported by modest buying and cautious sentiment.
Intraday trade volatility was driven by positive cues from northern India, which encouraged some fluctuations in spot offers. A minor pickup in both semi-finished and finished steel demand led to moderate bookings, though the broader outlook remained subdued.
Finished steel saw a slight improvement, with rebar prices rising INR 100/t and around 7,800 tonnes booked regionally. Wire rod prices held steady d-o-d. In contrast, sponge iron prices in Raipur softened by INR 100/t due to selective buying.
The conversion spread from PDRI to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,100/t, reflecting a marginal improvement
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) – Five 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 37,547/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 37,492/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,520/t exw-Raipur, rounded off to INR 37,500/t exw.
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