- Market sees cautious buying ahead of festive holidays
- Finished steel prices plunge by INR 300-400/t d-o-d
BigMint’s billet index fell by INR 300/tonne (t) d-o-d to INR 35,150/t exw-Raipur on 13 October 2025, as market activity remained sluggish amid continuous weak demand in the semi-finished steel segment.
Despite reduced offers, buying interest was limited, weighed down by muted downstream demand and cautious procurement ahead of the upcoming festive holidays, which are expected to disrupt transportation and trade movement.
Weak cues from neighbouring markets and continued pressure from the finished steel segment also contributed to the downward momentum, keeping overall sentiment bearish today.
Market highlights
- Finished steel: In Raipur, rebar prices fell by INR 300/t, while wire rod prices declined by INR 400/t, as demand from end-users remained tepid.
- Sponge iron: Prices in Raipur dropped by INR 200/t, with limited bookings reflecting the prevailing cautious sentiment across the value chain.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,050/t, marking a further correction from previous levels amid 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) – Two trades at INR 35,100-35,200/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 35,176/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these Sixteen was INR 35,141/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,159/t exw-Raipur, rounded off to INR 35,150/t exw.
Click here for detailed methodology
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