- Sellers see limited inquiries amid holiday mood
- Finished prices fall by INR 200-300/t in Raipur
BigMint’s billet index fell further by INR 150/t d-o-d, settling at INR 35,150/t exw-Raipur on 5 November 2025, as market activity remained largely subdued. With earlier bookings already concluded and limited participation due to the Guru Nanak Jayanti holiday, trading remained muted across key regions.
The overall market stayed weak, weighed down by continued softness in finished steel and the absence of strong end-user demand. Buyers largely held back new inquiries, leading to a pause in semi-finished steel procurement. The ongoing festive mood further contributed to sluggish trading momentum through the day.
Market highlights
- Finished steel: In Raipur, rebar prices dropped by INR 200/t, while wire rod offers plunged by INR 300/t d-o-d, amid limited activity and weak buying sentiment.
- Sponge iron: Price corrections of INR 200/t were noted, as demand remained weak and buyer-seller negotiations failed to close effectively.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,100/t, reflecting narrowing producer margins amid low market activity.
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 35,100/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 35,100/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 35,190/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,145/t exw-Raipur, rounded off to INR 35,150/t exw.
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