- Above 7,000 t deals were recorded in Billet exw-Raipur
- Finished steel prices awaiting recovery in near term
BigMint’s billet index gained by INR 150/tonne (t) d-o-d to INR 35,600/t exw-Raipur on 9 October 2025, supported by a slight uptick in buying activity, signalling a modest recovery in the semi-finished steel market.
Trading momentum picked up notably during the second half of the session, as buyers showed renewed interest following recent price corrections. This improvement in sentiment was aided by positive cues from the sponge iron market, leading to an increase in trade volumes d-o-d.
However, overall market sentiment remained cautious, with participants in the finished steel segment closely monitoring market sustainability, awaiting a recovery in the near term before committing to larger bookings.
Approximately 7,300 t of billet deals were recorded in Raipur today, compared with 3,600 tonnes on 8 October 2025, marking a 102% increase in trading volume from the previous session.
Market highlights
- Finished steel: In Raipur, rebar and wire rod prices eased marginally by INR 100/t, with buying limited to immediate requirements.
- Sponge iron: Prices saw a modest increase of INR 100/t, with improved bookings lending support to spot offers.
The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in Raipur was assessed at INR 12,250/t, reflecting a slight improvement in producer margins from the previous session.
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) – Six 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 35,547/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 35,613/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,580/t exw-Raipur, rounded off to INR 35,600/t exw.
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