- Demand weakens despite lower offers d-o-d
- Finished steel market stays firm amid cautious sentiments
BigMint’s daily billet index slipped by INR 200/t d-o-d to INR 36,800/t exw-Raipur on 28 August 2025. The decline was driven by weak buying demand and slower market activity despite lower spot offers aimed at stimulating sales.
Trading activity remained weak, with offers coming under pressure amid persistent weakness in both the semi-finished and finished steel segments. Bookings were largely confined to immediate requirements, as market participants stayed cautious in a bearish demand environment.
Weak finished steel demand prompted buyers to keep bids lower, forcing sellers to cut offers in order to conclude deals.
In the finished steel segment both rebar and wire rod prices continued to remained stable d-o-d. Sponge iron prices in Raipur declined by INR 150/t on the back of limited buying interest.
The conversion spread from PDRI to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,600/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 36,800/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 36,800/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 36,841/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,820/t exw-Raipur, rounded off to INR 36,800/t exw.
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