- Spot offers fall on continued downstream demand dearth
- Finished steel prices drop by INR 300/t in Raipur
BigMint’s billet index declined by INR 350/t d-o-d, closing at INR 37,100/t exw-Raipur on 10 September 2025, as subdued demand and lower enquiry levels kept overall market participation muted.
Trading activity slowed further, with spot offers coming under pressure amid persistent weakness in both semi-finished and finished steel segments. Buyers limited procurement to immediate requirements, maintaining a cautious stance in response to bearish market sentiment.
Market highlights:
- Finished steel: In Raipur, both rebar and wire rod prices dropped by INR 300/t, reflecting weak buying interest and downward market sentiment.
- Sponge iron: Prices in Raipur declined by INR 150/t, weighed down by muted enquiries and cautious buying behaviour.
- Market sentiment: Weak downstream demand continued to discourage fresh bookings, compelling sellers to reduce offers to stimulate trades.
The conversion spread from PDRI to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,000/t, indicating continued margin pressure on billet producers.
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 37,100/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 37,100/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 37,118/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,109/t exw-Raipur, rounded off to INR 37,100/t exw.
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