India: BigMint's billet index declines further by INR 300/t d-o-d amid weak demand - 29 July

Limited enquiries soften spot offers further
Finished tags down INR 300-400/t in Raipur

BigMint’s billet index registered a further d-o-d decline of INR 300/tonne (t), settling at INR 37,500/t exw-Raipur on 29 July 2025, as muted demand and limited enquiries kept market participation subdued throughout the day.

Market activity slowed further during the session, with spot offers coming under pressure amid ongoing weakness in demand. Buying activity remained muted across both the semi-finished and finished steel segments, as participants continued to adopt a cautious approach. Only need based buying was observed.

Participants noted that the ongoing weakness in the finished segment is continuing to affect sentiment, leading to strictly need-based procurement.

In the finished steel segment, rebar prices fell slightly by INR 300/t, while wire rods witnessed correction of INR 400/t d-o-d. On the other hand, sponge iron prices in Raipur declined by INR 200/t, driven by limited buying interest today.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,600/t.

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) – Three trades at INR 37,500/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 37,500/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 37,544/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 37,522/t exw-Raipur, rounded off to INR 37,500/t exw.

Click here for detailed methodology