- Tepid finished steel demand continues to impact trade
- Festive season sees reduced participation in market
BigMint’s billet index fell INR 200/tonne (t) d-o-d to INR 36,150/t exw-Raipur on 30 September 2025. Despite softer offers, buying activity remained weak, weighed down by subdued downstream demand and reduced participation ahead of the festive season.
The semi-finished steel market remained under pressure throughout the session, with buyers refraining from active procurement. Weak cues from the finished steel market discouraged fresh bulk bookings, while continuous corrections over the past sessions reinforced a cautious approach among participants.
Market highlights
- Finished steel: In Raipur, wire rod prices declined by INR 200/t d-o-d, while rebar slipped INR 100/t, reflecting lacklustre demand.
- Raw material: Sponge iron prices in Raipur remained stable d-o-d, though muted inquiries and limited buying interest weighed on overall sentiment.
The conversion spread from PDRI to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,050/t.
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 36,100-36,200/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 36,175/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 36,162/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,168/t exw-Raipur, rounded off to INR 36,150/t exw.
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