- Moderate buying demand keep offers rangebound
- Finished steel prices up INR 100-300/t in Raipur
BigMint’s billet index edged up by INR 50/t d-o-d, settling at INR 37,000/t exw-Raipur on 23 September 2025. The marginal uptick was supported by moderate spot bookings, although overall activity remained restrained as weak finished steel demand limited enquiries.
Buyers refrained from bulk procurement, opting instead for need-based purchases to cover immediate requirements. Subdued downstream sentiment kept billet price movements largely range-bound, with only minor adjustments seen in today’s trading.
Market highlights:
- Finished steel: In Raipur, rebar prices gained INR 300/t, while wire rods inched up INR 100/t d-o-d, supported by selective restocking.
- DRI: Sponge iron prices rose by INR 200/t, though buyer caution prevailed as participants closely tracked the sustainability of recent gains.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,200/t, reflecting 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) – Four trades at INR 37,000/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 37,000/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 36,980/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,990/t exw-Raipur, rounded off to INR 37,000/t exw.
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