- Limited enquiries weigh on semi-finished steel offers
- Finished steel demand slump dampens market sentiment
BigMint’s billet index posted a marginal day-on-day (d-o-d) decline of INR 100/tonne, settling at INR 37,400/t exw-Raipur on 31 July 2025. The market continued to reflect muted sentiment amid subdued buying interest and a cautious outlook across key trading hubs.
Buyer participation remained limited, with lower enquiry volumes keeping spot activity restricted. The persistent slump in downstream demand, particularly in the finished steel segment, has weighed heavily on overall market momentum, pushing prices slightly lower.
In the finished steel segment, rebar prices dropped by INR 200/t, while wire rod offers held steady throughout the day. Meanwhile, sponge iron prices also declined by INR 200/t, due to weak inquiries and softening spot offers.
The conversion spread from PDRI to billets for standalone induction furnace (IF) operators in Raipur was assessed at INR 12,800/t, reflecting continued cost pressure on billet producers in the absence of sufficient support from finished steel demand.
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 37,400/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 37,400/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 37,430/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,415/t exw-Raipur, rounded off to INR 37,400/t exw.
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