- Market remains cautious amid varied offers d-o-d
- Finished steel prices increase by INR 200-300/t in Raipur
BigMint’s billet index edged up slightly by INR 150/tonne (t) d-o-d to INR 36,750/t exw-Raipur on 17 December 2025. Despite the marginal gain, overall market activity remained cautious, with volatile sentiment prevailing across both the semi-finished and finished steel segments throughout the day.
Market participants indicated that mixed cues from neighbouring regions kept trading direction uncertain. Additionally, a widening gap between buyer bids and spot offers further restrained fresh billet bookings. As a result, spot transactions remained limited, and market participation stayed subdued during the session.
The finished steel segment provided some support, with prices in Raipur increasing by INR 200-300/t. However, this improvement was not sufficient to trigger aggressive buying in billets as participants continued to adopt caution amid price volatility.
Market highlights
- Finished steel: In Raipur, rebar prices increased by INR 200/t d-o-d, while wire rod prices moved up by INR 300/t, tracking modest downstream demand and limited buying interest.
- Sponge iron: Prices in Raipur also inched up INR 50/t, with enquiries remaining muted at different offer levels.
The conversion spread from PDRI to billet for standalone induction furnaces in Raipur was assessed at INR 14,000/t, indicating stable margins despite the weakness in billet prices.
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) – One trade at INR 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 36,700/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 36,805/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,752/t exw-Raipur, rounded off to INR 36,750/t exw.
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