- Limited buying activity amid elevated offers
- Finished steel escalates INR 200-300/t in Raipur
BigMint’s billet index rose by INR 100/tonne (t) day-on-day, settling at INR 37,800/t exw-Raipur on 19 August 2025, supported by positive cues from neighbouring steel markets and carry-over momentum from the previous session.
Although sellers lifted spot offers on improved sentiment, buying activity remained limited as finished steel demand failed to generate strong inquiries, keeping overall participation cautious. While positive undertones continue to support semi-finished steel, cautious trade behaviour suggests the market awaits stronger cues from finished steel demand to sustain momentum.
Despite the uptick in semis, finished steel demand stayed moderate, rebar prices rose by INR 300/t, while wire rod prices climbed INR 200/t d-o-d. Sponge iron prices in Raipur increased by INR 200/t today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 13,400/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 37,800/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 37,800/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 37,828/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,814/t exw-Raipur, rounded off to INR 37,800/t exw.
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