India: BigMint’s billet index declines further on weakening demand – 18 Nov

• Soft trade sentiment leads to further price correction
• Finished steel prices fall by INR 200/t d-o-d in Raipur

BigMint’s billet index fell by INR 200/tonne d-o-d to INR 35,700/t exw-Raipur on 18 November 2025, as market activity remained muted amid weakening demand and lower participation in the semi-finished steel segment.

Despite reduced offers, buying interest stayed subdued, weighed down by muted demand for finished steel over the couple of days which led buyers to take cautious positions awaiting improvement in offtake before proceeding to fresh bookings.

Weak cues from neighbouring markets continued to put pressure on billet prices keeping overall sentiment bearish today.

Highlights

Finished steel: In Raipur, rebar prices continued to remain firm, while wire rod prices declined by INR 200/t as demand from end-users remained tepid.

Sponge iron: Prices in Raipur dropped by INR 150/t, with muted buying reflecting prevailing cautious sentiment.

The PDRI-to-billet spread for the standalone induction furnaces in Raipur was assessed at INR 11,950/t, further decreasing 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 35,700/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 35,700/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 35,725/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 35,712/t exw-Raipur, rounded off to INR 35,700/t exw.

Click here for detailed methodology