- Limited demand for semis at higher offers
- Finished steel prices up INR 400-500/t d-o-d
BigMint’s billet index extended its upward trend on 16 December 2025, rising by INR 250/tonne (t) d-o-d to INR 36,600/t exw-Raipur. The increase was supported by a revival in demand across the semi-finished and finished steel segments.
The market sustained gains today as improved buying interest in the previous trading session encouraged sellers to raise spot offers. However, activity remained limited at higher prices as buyers had already secured sufficient volumes. Consequently, participation was limited, with only selective transactions reported at higher offers.
Finished steel demand has seen a noticeable improvement over the past two days, recovering from last week’s subdued levels. Buying interest strengthened on expectations of lower spot offers, leading to better downstream demand across key markets, and lending indirect support to billet prices.
Market highlights
- Finished steel: In Raipur, rebar prices increased by INR 500/t, while wire rod prices climbed by INR 400/t d-o-d on moderate buying sentiment at elevated offers.
- Sponge iron: Prices corrected by INR 200/t but lower bids and fewer enquiries limited bookings.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 13,900/t, indicating stable producer margins.
Rationale
This index is derived based on transaction, 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 36,500-36,700/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 36,566/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 36,668/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,617/t exw-Raipur, rounded off to INR 36,600/t exw.
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