- Spot offers ease amid overall market weakness
- Finished steel prices fall by INR 200-300/t in Raipur
BigMint’s billet index declined further by INR 350/tonne (d-o-d), settling at INR 37,650/t exw-Raipur on 6 August 2025, as subdued demand and lower enquiry levels kept market participation subdued throughout the day.
Trading activity slowed further, with spot offers coming under pressure amid persistent weakness in both semi-finished and finished steel segments. Buying was largely restricted to immediate requirements, as participants adopted a cautious stance amid bearish market sentiment.
Weak finished steel demand encouraged buyers to hold bids at lower levels, compelling sellers to reduce offers in order to stimulate trades.
In the finished steel segment, rebar prices plunged by INR 300/t, while wire rod prices witnessed a correction of INR 200/t d-o-d. On the other hand, sponge iron prices in Raipur declined by INR 250/t, driven by limited buying interest today.
The conversion spread from PDRI to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,950/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) – Two trades at INR 37,600-37,700/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 37,638/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 37,681/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,659/t exw-Raipur, rounded off to INR 37,650/t exw.
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