- Positive cues from north India drive up tags
- Finished steel prices show signs of recovery
BigMint’s billet index rose by INR 150/tonne (t) d-o-d to INR 34,900/t exw-Raipur on 10 November 2025, supported by improved buying interest and moderate inquiries in the semi-finished steel market. Cautious optimism regarding finished steel demand lent additional support to spot offers.
The market remained volatile throughout the day, driven by positive cues from northern India, which contributed to short-term price fluctuations. A steady rise in semi-finished steel demand helped improve bookings across varied prices. However, sellers refrained from steep hikes, maintaining a balanced approach as buyers awaited clearer direction from the finished steel segment, which showed early signs of recovery.
Market Highlights
- Finished steel: In Raipur, rebar offers remained range-bound, with around 1,500 t traded, while wire rod prices inched up by INR 100/t d-o-d, supported by trades for roughly 2,500 t.
- Sponge iron: Prices in Raipur rose by INR 150/t d-o-d, backed by revived buying interest and short-term restocking activity, indicating improved sentiment in the raw material segment.
The conversion spread from PDRI to billet for standalone induction furnaces in Raipur was assessed at INR 12,100/t, indicating steady producer margins amid a recovery in finished steel demand.
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) – Five trades at INR 34,800-34,900/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 34,849/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 34,950/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,899/t exw-Raipur, rounded off to INR 34,900/t exw.
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