- Semi-finished steel trends remain sluggish
- Finished steel enquiries stay subdued
BigMint’s billet index declined by INR 50/t day-on-day (d-o-d) to INR 35,450/t exw-Raipur on 8 October 2025, as market sentiment stayed weak amid muted buying interest and limited trade enquiries. Only marginal corrections were noted toward the session end, reflecting continued cautious participation from buyers.
Negative cues from northern India and the neighbouring regions exerted further pressure on spot offers. Although a few low-priced bookings were concluded in the semi-finished segment, persistent weakness in finished steel demand curtailed any significant recovery. Continuous price corrections in recent sessions have also reinforced a defensive stance among market participants.
Market highlights:
- Finished steel: In Raipur, rebar prices remained stable, while wire rod prices fell by INR 200/t d-o-d, with overall enquiries staying limited.
- Sponge iron: Prices in Raipur eased by INR 100/t, as subdued buying interest persisted on elevated offers.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,200/t, indicating continued margin pressure on producers amid lacklustre downstream demand.
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 trade at INR 35,400/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 35,400/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 35,470/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,435/t exw-Raipur, rounded off to INR 35,450/t exw.
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