- Previous bookings keep market sentiments steady
- Finished steel prices inch up by INR 100/t in Raipur
BigMint’s billet index continued its upward trajectory, rising by INR 150/tonne (t) d-o-d to INR 34,950/t exw-Raipur on 30 October 2025. Market activity remained limited, as most participants had already secured adequate bookings in earlier sessions at favourable price levels, leading buyers to hold positions and observe market direction.
The ongoing uptrend in billet prices was primarily supported by improved trade activity in previous sessions and positive cues from north India. However, fresh enquiries slowed as buyers turned cautious, preferring to await more clarity on downstream finished steel demand before entering new deals.
Market highlights
- Finished steel: In Raipur, rebar and wire rod prices rose by INR 100/t d-o-d, though enquiries remained limited as most mills had already booked sufficient volumes in the previous sessions.
- Sponge iron: Prices increased by INR 250/t in Raipur amid limited enquiries and higher offers from sellers.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,150/t, indicating steady margins and a cautiously optimistic sentiment among producers.
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 34,900-35,000/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 34,971/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 34,950/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,960/t exw-Raipur, rounded off to INR 34,950/t exw.
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