- Optimism regarding finished steel demand supports price hike
- Sellers refrain from steep hikes, buyers wait for price clarity
BigMint’s billet index rose further by INR 250/tonne (t) d-o-d, settling at INR 36,500/t exw-Raipur on 1 December 2025, supported by improved buying interest. Optimism regarding finished steel demand lent additional support to spot offers throughout the day.
The market remained volatile throughout the day, driven by positive cues from northern India and an increase in spot inquiries, which contributed to short-term price fluctuations. A steady rise in billet demand led to improved bookings across varied prices. However, sellers refrained from steep hikes, adopting a measured approach as buyers awaited clearer direction from the finished steel segment. Largely, buyers expect further recovery and improved offtake in the coming days.
Market highlights
- Finished steel: In Raipur, rebar prices increased by INR 300/t d-o-d, with deals for around 2,000 t confirmed, while wire rod prices climbed up by INR 400/t d-o-d, with deals for 5,000 t concluded during the day.
- Sponge iron: Prices in Raipur rose by INR 150/t d-o-d, backed by revived buying interest and short-term restocking activity.
The conversion spread from PDRI to billet for standalone induction furnaces in Raipur was assessed at INR 12,600/t, indicating steady producer margins amid 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 36,400-36,500/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 36,421/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 36,541/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,481/t exw-Raipur, rounded off to INR 36,500/t exw.
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