- Volatile market sentiments boost steel demand
- Finished steel prices rise by INR 700-1,000/t in Raipur
BigMint’s billet index rose sharply by INR 600/tonne (t) day-on-day (d-o-d), settling at INR 35,550/t exw-Raipur on 31 October 2025, amid improved buying activity and stronger demand from neighbouring markets which supported offers.
Market sentiments remained volatile but positive, as rising finished steel prices and improved offtake in key consuming regions encouraged participants to step up bookings in semi-finished steel. The sustained rally in finished steel prices provided additional confidence among buyers, leading to renewed optimism on near-term market stability and forward bookings at varied offer levels.
Market dynamics
- Finished steel: In Raipur, rebar prices increased by INR 700/t, while wire rod prices surged by INR 1,000/t, supported by strong buying interest and active participation across markets. Key regions such as Durgapur, Ahmedabad, Jalna, Raigarh, and Raipur recorded healthy transactions throughout the day.
- Sponge iron: Prices in Raipur climbed by INR 600/t, tracking improved demand and a revival in buying activity amid fluctuating market sentiments.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,150/t, indicating steady producer margins despite the sharp rise in billet prices.
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) – Eight 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 35,552/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 35,550/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,551/t exw-Raipur, rounded off to INR 35,550/t exw.
Click here for detailed methodology
Leave a Reply