- Lower offers, post-holiday volatility support restocking activity
- Caution persists, buyers avoid bulk finished steel purchases
BigMint’s billet index fell by INR 150/t d-o-d to INR 34,500/t exw-Raipur on 24 October 2025. Amid the decline, trading activity improved as lower offers and post-holiday volatility supported renewed buying and restocking.
The market saw a notable uptick in inquiries and procurement during the second half of the trading session, with semi-finished steel demand driving billet purchases. Traders and mills displayed renewed interest, indicating a short-term improvement in market activity after the extended holiday lull.
However, while short-term restocking lent support, overall market sentiment remained cautious. Participants in the finished steel segment largely avoided bulk purchases amid continued weak end-user demand and uncertain price trends.
Market highlights
- Finished steel: In Raipur, rebar prices declined marginally by INR 100/t, while wire rod prices remained firm d-o-d.
- Sponge iron: Prices in Raipur slipped by INR 50/t, with moderate bookings at lower offers.
Overall, the market exhibited signs of short-term recovery driven by restocking demand, though a sustained uptrend will depend on further improvement in finished steel consumption.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,450/t, remaining range-bound in line with overall market sentiment. Around 6,700 tonnes of billet deals were concluded in Raipur.
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 34,400- 34,500/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 34,485/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 34,516/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,500/t exw-Raipur.
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