- Uptick in bookings keeps semis range-bound
- Finished steel market yet to gain momentum in Raipur
BigMint’s billet index recorded a marginal increase of INR 50/tonne (t) d-o-d, settling at INR 36,800/t exw-Raipur on 18 December 2025. The market largely remained range-bound, supported by a moderate improvement in buying activity in the semi-finished steel segment and improvement in sentiment from neighbouring regions.
Trading sentiment improved during the session as market participation picked up. Buyers from nearby markets displayed renewed interest, leading to improved bookings from domestic as well as adjoining states. However, the improvement was selective, with transactions concentrated around workable price levels.
The finished steel segment, meanwhile, continued to lack momentum. Market participants noted that the recent improvement in sentiment has yet to translate into tangible demand and enquiries, and a meaningful recovery in finished steel is expected to take more time to materialise.
Market Highlights
- Finished steel: In Raipur, rebar prices dropped slightly by INR 100/t, while wire rod prices remained firm today following subdued buying interest and limited downstream demand.
- Sponge iron: Prices in Raipur slipped by INR 200/t, with moderate bookings concluded at lower offer levels amid cautious procurement.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 14,250/t, indicating stable producer margins amid improved market participation.
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) – Six trades at INR 36,500-36,800/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 36,762/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 36,800/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,781/t exw-Raipur, rounded off to INR 36,800/t exw.
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