- Higher offers deter buyers
- Finished steel tags increase in Raipur
BigMint’s billet index recorded a modest decline of INR 100/tonne (t) d-o-d, settling at INR 35,900/t exw-Raipur on 17 November 2025. Market enquiries remained limited and overall participation stayed muted, with buyers showing reluctance to engage at elevated offer levels.
Throughout the day, sentiment remained soft as semi-finished steel demand failed to keep pace with recent upward price movements. Buyers, already cautious due to tepid finished steel offtake, opted to delay fresh bookings, anticipating better clarity before committing to costlier material. This mismatch between semi-finished offers and downstream steel demand continued to exert pressure on spot trades.
Market Highlights
- Finished steel: In Raipur, both rebar and wire rod prices edged up by INR 100/t d-o-d supported by slight improvement in demand. Despite the price rise, inquiries remained subdued due to higher offers as end-users continued to tread cautiously.
- Sponge iron: Prices increased by INR 100/t but buyers remained watchful, assessing whether the recent gains in raw material prices would sustain amid sluggish semi-finished steel demand.
The PDRI-to-billet conversion spread for the standalone induction furnaces in Raipur was assessed at INR 12,000/t, reflecting steady producer margins even as mixed trends persisted across the value chain.
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 35,800-35,900/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 35,875/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 35,930/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,902/t exw-Raipur, rounded off to INR 35,900/t exw.
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