- Lower enquiries amid weak demand d-o-d
- Finished steel exhibits muted buyer’s interest
BigMint’s daily billet index slipped by INR 100/tonne d-o-d, closing at INR 37,700/t exw-Raipur on 20 August 2025. Market activity remained rangebound, with weak demand and cautious sentiment dominate trading.
Muted buying interest prevailed as participants questioned the sustainability of semi-finished steel prices amid softening downstream demand. With both semi-finished and finished steel markets witnessed cautious undertones, participants remain on the sidelines, awaiting clearer demand cues before committing to bulk bookings. Buyer confidence continued to weaken, leading to subdued trading activity throughout the day.
Finished steel segment witnessed muted sentiments, with rebar prices continued to remained firm today, while wire rod prices fell slightly by INR 200/t d-o-d. In contrast, sponge iron prices in Raipur fell by INR 200/t, weighed down by limited buying interest.
The conversion spread from PDRI to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,500/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 37,700/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 37,700/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 37,721/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,710/t exw-Raipur, rounded off to INR 37,700/t exw.
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