- Weak sentiment triggers further price correction
- Finished steel prices drop by INR 200/t in Raipur
BigMint’s billet index slipped further by INR 200/tonne (t) d-o-d to INR 36,450/t exw-Raipur on 9 December 2025, as overall activity in the semi-finished steel market remained subdued. Weakening demand and lower participation across the value chain continued to pressure spot prices.
The semi-finished steel market extended its downtrend, with sellers reducing offers in an effort to stimulate bookings. This led to only modest buying activity, as buyers remained cautious amid continuous market adjustments.
Sentiment in the finished steel segment remained weak, with subdued end-user demand and constrained offtake limiting any meaningful support for the semi-finished steel market. Market participants are expecting a slight recovery in the coming week.
Highlights:
- Finished steel: In Raipur, both rebar and wire rod prices dropped by INR 200/t d-o-d on limited activity and subdued buying sentiment.
- Sponge iron: Prices in Raipur further declined by INR 300/t on low trade volumes d-o-d.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 13,350/t, marking a further correction from previous levels in the middle of sustained margin pressure.
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 36,415/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – Bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 36,483/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,449/t exw-Raipur, rounded off to INR 36,450/t exw.
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