- Sustained bookings keep offers range-bound
- Improved buying seen in Raipur’s finished steel market
BigMint’s billet index witnessed a marginal decline of INR 50/t day-on-day (d-o-d), settling at INR 34,450/t exw-Raipur on 28 October 2025. The market remained largely range-bound, supported by moderate buying activity in the semi-finished steel segment and improved sentiment from finished steel demand recovery post-holidays.
Trading sentiment strengthened as participants returned after an extended break, with buyers showing renewed restocking interest amid expectations of further recovery in finished steel demand. However, sustained upward movement in spot prices remains contingent on consistent downstream demand in the near term.
Market snapshots
- Rebar: Prices eased slightly by INR 100/t, with around 1,200 tonnes of confirmed deals.
- Wire rod: Prices remained firm, with approximately 5,000 tonnes of trades recorded.
- Sponge iron: Prices edged up marginally, supported by steady buying in the central region.
Renewed restocking and improved finished steel demand are likely to keep billet offers supported in the near term, though participants continue to monitor end-user demand closely for sustained recovery.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,350/t, indicating stable producer margins amid improved market participation.
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 34,400-34,500/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 34,427/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 34,515/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,471/t exw-Raipur, rounded off to INR 34,450/t exw.
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