India: BigMint's billet index drops another INR 300/t d-o-d on soft demand- 7 Oct

Modest bookings heard concluded at lower offers
Finished steel prices fall by INR 200-300/t in Raipur

BigMint’s billet index declined by INR 300/t d-o-d, settling at INR 35,500/t exw-Raipur on 7 October 2025. Market sentiment remained subdued, with limited buying interest and muted bid enquiries keeping prices under pressure.

Weak cues from the neighbouring regions and persistent softness in finished steel demand weighed on spot offers. While a few bookings were concluded at lower rates, overall market activity remained need-based. Slight day-to-day changes offered temporary support, but the broader trend continued to remain downward.

Market highlights:

Finished steel: In Raipur, rebar prices fell by INR 300/t, while wire rod offers declined by INR 200/t d-o-d, with buying limited to immediate requirements.
Sponge iron: Prices dropped by INR 250/t, and moderate bookings were heard at lower levels amid cautious buying.

The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,150/t, indicating sustained margin pressure for producers amid weak downstream demand and higher operational costs.

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) – Three trades at INR 35,500-35,600/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 35,500/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 35,530/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 35,515/t exw-Raipur, rounded off to INR 35,500/t exw.

Click here for detailed methodology