- Subdued demand continues to weigh on spot offers
- Finished steel tags drop INR 200-300/t in Raipur
BigMint’s billet index fell by INR 300/t d-o-d, settling at INR 36,800/t exw-Raipur on 11 September 2025, as limited buying interest and subdued sentiment continued to weigh on spot trading activity.
The semi-finished steel market remained under pressure throughout the session, with buyers refraining from active procurement. Weak cues from finished steel discouraged fresh bookings, while continuous corrections over the past sessions reinforced a cautious approach among participants.
Market highlights:
- Finished steel: In Raipur, rebar and wire rod prices fell INR 200/t each, as weak demand and lower enquiries kept buyers on the sidelines.
- Sponge iron: Prices in Raipur dropped by INR 300/t, weighed down by cautious sentiment and thin enquiries.
- Market sentiment: Downstream weakness and muted demand continued to discourage bulk bookings, forcing sellers to trim offers in a bid to stimulate buying.
The PDRI-to-billet spread for standalone induction furnaces in the Raipur cluster was assessed at INR 13,000/t, highlighting persistent margin pressure for 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 36,800/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 36,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 36,828/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,814/t exw-Raipur, rounded off to INR 36,800/t exw.
Click here for detailed methodology
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