- Demand remains modest despite lower offers
- Finished steel tags ease by INR 100/t in Raipur
BigMint’s billet index declined by INR 150/tonne (t) d-o-d to INR 34,500/t exw-Raipur on 27 October 2025, as market activity remained modest. Despite the price correction, limited trading activity was observed, primarily in the Maharashtra market, supported by viable prices and lower offers from central India.
The overall market was weighed down by muted sentiment across neighbouring regions and weak finished steel inquiries, which continued to pressure spot prices. However, selective restocking of semi-finished steel in Maharashtra provided limited support, leading to moderate bookings.
Market highlights
- Finished steel: In Raipur, both rebar and wire rod prices dropped by INR 100/t d-o-d, following sluggish buying interest and limited downstream demand.
- Sponge iron: Prices in Raipur slipped by INR 100/t, with moderate bookings concluded at lower offers amid cautious procurement.
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 weak market sentiment.
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) – Five 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 34,508/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twenty one offers were reported in the trading window and considered as T2 inputs. The average price of these twenty one was INR 34,530/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,519t exw-Raipur, rounded off to INR 34,500/t exw.
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