India: BigMint's billet index weakens marginally amid subdued trade - 3 Sep

Weak finished market discourages bulk bookings
Finished steel prices decline by INR 100-200/t d-o-d

BigMint’s billet index slipped by INR 50/tonne (t) d-o-d to INR 36,400/t exw-Raipur on 3 September 2025. Persistent weakness in finished steel demand and limited billet offtake kept market participation muted, putting pressure on spot offers.

The consistent weakness across both semi-finished and finished steel segments continued to pressure billet offers, with buyers largely staying on the sidelines. Unless demand revival signals emerge, particularly from the finished steel segment, prices will remain weak.

Market highlights

Cautious sentiment: Ongoing weakness in finished steel markets discouraged bulk bookings, with most participants maintaining a wait-and-watch approach.
Finished steel: In Raipur, wire rod prices declined by INR 200/t d-o-d, while rebar slipped INR 100/t, reflecting lacklustre demand.
Raw material: Sponge iron prices in Raipur remained stable, though muted inquiries and limited buying interest weighed on overall sentiment.

The conversion spread from PDRI to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,200/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 36,400/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 36,400/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 36,414/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 36,407/t exw-Raipur, rounded off to INR 36,400/t exw.

Click here for detailed methodology