India: BigMint’s billet index increases by INR 100/t d-o-d amid moderate bookings – 25 Nov

• Sellers hold offers firm amid demand pick-up expectations
• Positive cues from northern India contribute to price hikes

BigMint’s billet index rose further by INR 100/t d-o-d, settling at INR 35,950/t exw-Raipur on 25 November 2025. Moderate bookings supported spot offers for billets. Sellers also held offers firm due to optimism regarding an uptick in demand in the coming days.

Spot offers experienced volatility throughout the day, but prices inched up, influenced by slightly positive cues from northern India. A slight improvement in semi-finished steel demand led to moderate bookings at varied price levels; however, finished steel sentiment remained subdued.

Market highlights

• Finished steel: In Raipur, rebar prices witnessed a marginal decline of INR 100/t, while wire rod prices increased by INR 200/t d-o-d amid mixed commodity response from participants.
• Raw material: Sponge iron prices in Raipur declined by INR 100/t d-o-d, with limited bookings observed in today’s session.

The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,350/t, reflecting a slight improvement in producer margins.

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) – Three trades at INR 35,900-36,000/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 35,935/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 35,957/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 35,946/t exw-Raipur, rounded off to INR 35,950/t exw.

Click here for detailed methodology