- Semis market under pressure
- Limited buying despite lower offers
BigMint’s billet index declined by INR 150/t d-o-d, settling at INR 36,050/t exw-Raipur on 3 October 2025, as persistent weakness in downstream demand and cautious buyer sentiment kept the semi-finished steel market under pressure.
Trading was largely confined to need-based procurement, with only a handful of spot deals reported. Continuous weakness in finished steel demand compelled sellers to reduce offers in the semi-finished steel segment to attract buying. Participation was remains limited.
Market overview
- Semi-finished steel: Demand stayed muted, with smaller volumes booked at lower prices. Participation was thin, as buyers opted for a wait-and-watch approach.
- Sponge iron: Prices in Raipur declined slightly by INR 100/t d-o-d amid subdued interest and cautious sentiment.
The sponge iron(PDRI)-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,050/t, reflecting further pressure on producer margins despite lower offers.
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 36,100-36,050/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 36,091/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 36,050/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,070/t exw-Raipur, rounded off to INR 36,050/t exw.
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