- Need-based purchases observed despite lower offers
- Finished steel prices ease further by INR 100-200/t
BigMint’s billet index witnessed another correction of INR 200/tonne (t) d-o-d, settling at INR 34,950/t exw-Raipur on 6 November 2025, as market sentiment remained weak amid muted buying interest and limited inquiries. Minor fluctuations were noted throughout the day, but overall activity stayed subdued, reflecting buyers’ continued cautious approach.
The market remained largely inactive, with slow finished steel movement keeping buyers on the sidelines. Even with lower spot offers, demand was restricted to need-based procurement. Negative cues from neighbouring regions added further pressure on spot prices. Although a few trades were heard at lower levels in the semi-finished steel segment, persistent weakness in finished steel demand prevented any meaningful rebound.
Continuous price corrections in recent sessions have reinforced a defensive sentiment among market participants, who preferred to wait for clearer direction before committing to fresh bookings.
Market highlights
- Finished steel: In Raipur, rebar prices declined by INR 200/t, while wire rod offers dropped marginally by INR 100/t d-o-d, amid limited activity and weak sentiment.
- Sponge iron: Prices corrected by INR 250/t, as competitive offers from neighbouring regions exerted additional downward pressure.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 12,150/t, indicating squeezed producer margins in a weakening market.
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) – One trades at INR 34,900/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 34,900/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 35,045/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,972/t exw-Raipur, rounded off to INR 34,950/t exw.
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