- Heavy rains, weak finished steel sales pressure demand
- Finished steel, sponge iron prices inch up by INR 100/t
BigMint’s billet index inched up by INR 100/t d-o-d, settling at INR 36,600/t exw-Raipur on 1 September 2025. Despite the slight uptick, market mood was largely subdued, with muted buying inquiries as buyers resisted higher offers.
Key highlights
- Weak demand persists: Buyers continued to hold back from major purchases in the semi-finished segment, as finished steel sales failed to provide adequate support, keeping overall sentiment bearish.
- Weather impacts trade: Heavy rainfall across several major regions weighed further on market sentiment, with transportation disruptions pressuring trading activity.
- Finished steel prices edge up: Rebar offers in Raipur increased by INR 100/t d-o-d, while buying interest remained limited. Wire rods tags remained stable, amid weak demand and subdued inquiries.
- Raw material prices rise: Sponge iron prices in Raipur edged up by INR 100/t d-o-d, although activity was subdued with limited buying.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 13,400/t, indicating stable producer margins despite limited buying interest.
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 36,600/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 36,600/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 36,628/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,614/t exw-Raipur, rounded off to INR 36,600/t exw.
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