- Index drops by INR 100/t d-o-d to reach INR 34,800/t exw
- Enquiries in finished steel market remain subdued
BigMint’s billet index slipped by INR 100/t day-on-day (d-o-d), settling at INR 34,800/t exw-Raipur on 15 October 2025, as weak buying interest and limited enquiries kept overall market sentiment subdued. The market witnessed only a minor correction towards the day’s close, with most participants refraining from bulk procurement amid continued uncertainty.
Negative cues from the northern region and neighbouring markets further pressured spot offers, keeping sentiment on the weaker side. Although some bookings were recorded in the semi-finished steel segment at lower price levels, persistent weakness in finished steel demand restricted any meaningful recovery in trading activity.
Market dynamics
- Finished steel: In Raipur, rebar and wire rod prices eased by INR 100-200/t d-o-d, reflecting subdued demand and weak procurement appetite.
- Sponge iron: Prices in Raipur fell by INR 300/t, as shrinking demand and lower bid levels pushed sellers to reduce offers to stimulate trades.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,100/t, highlighting continued margin pressure on producers amid sustained weakness in 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) – Two trades at INR 34,800/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 34,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 34,835/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,817/t exw-Raipur, rounded off to INR 34,800/t exw.
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