- Cautious market sentiment leads to price correction
- Finished steel prices dip slightly in Raipur
BigMint’s billet index fell INR 100/t d-o-d, settling at INR 36,600/t exw-Raipur on 26 September 2025. Despite softer offers, buying activity remained weak, weighed down by subdued downstream demand and reduced participation ahead of the festive season.
Market activity was confined to need-based procurement, with only a few spot deals reported. Continuous weakness in finished steel consumption kept sentiment muted, compelling sellers in the semi-finished segment to lower offers in an attempt to stimulate trades.
Market highlights:
- Finished steel: In Raipur, rebar prices fell by INR 100/t, while wire rods held steady amid muted demand and weak enquiries.
- Sponge iron: Prices in Raipur edged lower as booking volumes remained limited, reflecting the overall cautious mood in the market.
Persistent weakness in finished steel demand continues to weigh on billet procurement. With festivities curbing trading activity, sentiment is expected to remain subdued in the short term.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,100/t, unchanged from the previous session, keeping margins under pressure.
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 trades at INR 36,600/t were recorded during the 2:30 pm to 4:00 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) – seven offers were reported in the trading window and considered as T2 inputs. The average price of these seven was INR 36,630/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,615/t exw-Raipur, rounded off to INR 36,600/t exw.
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