- Sluggish finished steel segment drags down billet market
- Cautious buying behaviour, festive lull prompts price dip
BigMint’s billet index declined by INR 150/tonne (t) d-o-d to INR 36,350/t exw-Raipur on 29 September 2025. Although sellers reduced offers, buyer interest remained subdued due to sluggish demand from downstream segments and reduced participation ahead of the festive period.
Bearish signals from nearby regional markets also continued to exert downward pressure on spot trade. While a few low-volume deals were heard in the semi-finished steel category at discounted prices, ongoing softness in finished steel consumption prevented any notable recovery in market momentum.
Market highlights
- Finished steel: In Raipur, rebar prices slipped by INR 200/t, whereas wire rod tags declined by INR 200/t, reflecting tepid buying interest and weak inquiry levels.
- Sponge iron: Prices saw a marginal dip in Raipur, with low booking activity mirroring the broader market’s risk-averse stance.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was estimated at INR 12,050/t, signalling continued margin stress for manufacturers despite price cuts.
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 36,300/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 36,300/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 36,394/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,347/t exw-Raipur, rounded off to INR 36,350/t exw.
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