India: BigMint's billet index dips by INR 150/t amid volatile sentiment - 3 Nov

Cautious buying persists as finished demand weakens
Finished steel prices ease by INR 300-500/t in Raipur

BigMint’s billet index declined slightly by INR 150/t d-o-d to INR 35,400/t exw-Raipur on 3 November 2025, as overall market activity remained modest. Buyers continued to adopt a cautious stance, reflecting concerns over volatile sentiments and weakening finished steel demand.

Market participants noted that influences from neighbouring regions kept trading direction uncertain, while a slowdown in finished steel offtake further curbed appetite for fresh billet bookings. As a result, only limited spot activity was observed throughout the day.

Market highlights

Finished steel: In Raipur, rebar prices dropped by INR 300/t d-o-d, while wire rod prices declined by INR 500/t, tracking subdued downstream demand and reduced buying interest.
Sponge iron: Prices in Raipur also eased by INR 150/t, with limited deals heard at varied levels.

The conversion spread from PDRI to billet for standalone induction furnaces in Raipur was assessed at INR 12,250/t, indicating stable margins despite the weakness 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) – Two trades at INR 35,300-35,500/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 35,357/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 35,475/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 35,416/t exw-Raipur, rounded off to INR 35,400/t exw.

Click here for detailed methodology