India: BigMint's billet index dips amid moderate buying activity - 7 Nov

Safeguard duty news leads to need-based bookings
Finished steel demand remains subdued in Raipur

BigMint’s billet index recorded a marginal decline of INR 50/t d-o-d, settling at INR 34,800/t exw-Raipur on 7 November 2025. Market sentiment stayed largely range-bound, supported by moderate buying activity in the semi-finished steel segment, even as finished steel demand remained limited.

Market volatility persisted following news of a possible safeguard duty imposition, prompting some buyers to secure need-based bookings in anticipation of short-term price fluctuations. However, overall buying in finished steel remained weak, with end-user demand yet to show signs of recovery.

Market snapshot

Rebar: Prices eased by INR 200/t, with limited deals heard.
Wire rod: Prices remained firm d-o-d, with lower-to-moderate bookings recorded.
Sponge iron: Prices fell marginally as buying and inquiries stayed limited.

The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,050/t, indicating stable producer margins amid moderate trade activity and improved participation.

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) – Four trades at INR 36,800-36,900/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 34,800/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 34,841/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 34,820/t exw-Raipur, rounded off to INR 36,800/t exw.

Click here for detailed methodology