- Finished steel prices up INR 300-500/t
- Moderate bookings seen in market
BigMint’s billet index rose by INR 300/t d-o-d settling at INR 36,250/t ex-Raipur on 26 November 2025. Positive sentiment and increased enquiry levels supported the upward movement.
The market experienced volatility through the day driven by constructive cues. A steady improvement in demand for semi-finished steel encouraged moderate booking volumes at varied price points. Finished steel also showed signs of recovery, resulting in marginal increases in spot prices. However, market participants remained cautious about the sustainability of these gains over the longer term.
Price Overview
- Finished steel: Rebar offers increased by INR 300/t d-o-d, while wire rod prices surged by INR 500/t, both reflecting a mild pickup in buying interest.
- Sponge iron: Prices in Raipur climbed by INR 150/t, supported by modest bookings across clusters.
The PDRI-to-billet spread for standalone induction furnaces in Raipur stood at INR 12,500/t, suggesting that producers’ margins remain under pressure despite the sharp rise in billet prices.
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 36,200-36,300/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 36,221/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 36,300/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,260/t exw-Raipur, rounded off to INR 36,250/t exw.
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