- Buyers hold off on purchases, expecting further price drops
- Rebar prices remain stable d-o-d, wire rod dips by INR 200/t
BigMint’s billet index in Raipur edged lower by INR 200/tonne (t) d-o-d on 21 November 2025 to INR 35,600/t ex-works. Prices were largely stable, with a slight weakening observed towards the end of the trading day, as overall activity in the semi-finished steel segment remained muted.
Trading was slow throughout the session as buyers expected further price adjustments. Many opted to wait for clearer direction, especially with mills facing sluggish downstream orders. Cautious buyer mood kept spot purchases on the lighter side.
On the seller side, producers attempted to maintain offers, supported by selective billet bookings to outside markets and expectations of potential price improvement, driven by rising costs of raw materials, including sponge iron. Overall, the market closed the day with limited trades, soft pricing, and a cautious outlook.
Participants continue to monitor downstream activity closely, as sustained weakness in finished steel remains the key pressure point for semis.
Market highlights
- Finished steel: In Raipur, rebar prices remained unchanged, while wire rod prices dropped by INR 200/t d-o-d, amid weak buying sentiment.
- Sponge iron: Prices corrected by INR 200/t, as lower bids and competitive offers from neighbouring regions exerted downward pressure.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 12,050/t, indicating stable producer margins despite 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 35,600/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 35,600/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 35,585/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,592/t exw-Raipur, rounded off to INR 35,600/t exw.
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