- Sentiment stays cautious despite improved inquiries
- Finished steel prices weaken by INR 200-300/t d-o-d
BigMint’s billet index declined by INR 250/tonne (t) d-o-d to INR 34,900/t exw-Raipur on 14 October 2025, with trading activity improving due to lower offers despite overall weak sentiment. The market witnessed an uptick in inquiries and buying interest during the second half of the session, aided by a slight recovery in neighbouring markets.
While short-term volatility encouraged some restocking, overall sentiment remained cautious, with participants in the finished steel segment largely refraining from bulk procurement due to subdued end-user demand.
Deals for approximately 5,000 t of billets were recorded in Raipur today, compared with 1,300 t on 13 October, marking a 284% increase in trading volume.
Market highlights
- Finished steel: In Raipur, rebar prices dropped by INR 200/t d-o-d, while wire rod tags fell by INR 300/t, as downstream demand remained muted.
- Sponge iron: Prices in Raipur slipped by INR 100/t, with need-based bookings seen, even at lower offers.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 11,900/t, indicating a marginal improvement in producer margins compared with the previous session.
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 35,000-35,100/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 34,880/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 eightteen was INR 34,953/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,916/t exw-Raipur, rounded off to INR 34,900/t exw.
Click here for detailed methodology
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