- Limited buying despite lower offers
- Finished steel prices fall by INR 200/t
BigMint’s billet index slipped further by INR 250/t d-o-d, settling at INR 36,500/t exw-Raipur on 16 September 2025. Despite lower offers, buying interest remained weak as downstream demand continued to falter ahead of upcoming festivals.
Trading was largely confined to need-based procurement, with only a handful of spot deals reported. Continuous weakness in finished steel demand compelled sellers to reduce offers in the semi-finished steel segment to attract buying. Participation was remains limited due to coming Vishwakarma Pooja-related holidays, curbing market momentum.
Price highlights:
- Finished steel: In Raipur, rebar offers declined by INR 200/t, while wire rod prices held firm amid muted end-user demand and subdued enquiries.
- Raw material: Sponge iron prices in Raipur stayed unchanged, with limited bookings observed in the spot market.
Persistent weakness in finished steel demand continues to weigh on billet procurement. Weather-related disruptions, slow downstream offtake, and festival-related inactivity are likely to keep sentiment subdued in the near term.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,500/t, reflecting further pressure on producer margins despite lower offers.
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) – One trade at INR 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 36,500/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 36,540/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,520/t exw-Raipur, rounded off to INR 36,500/t exw.
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