- Semis market under pressure
- Steel prices edge down d-o-d
BigMint’s billet index declined by INR 250/t d-o-d, settling at INR 36,750/t exw-Raipur on 24 September 2025, as persistent weakness in downstream demand and cautious buyer sentiment kept the semi-finished steel market under pressure.
Market activity remained subdued, with limited enquiries and muted participation across key regions. Prevailing pessimism, due to weak finished steel offtake, restricted bookings and restrained trading momentum. The overall sentiment remains bearish, with limited signs of recovery as weak downstream demand continues to weigh on semi-finished steel demand.
Market highlights:
- Finished steel: In Raipur, rebar prices eased by INR 100/t, while wire rod offers dropped by INR 200/t, reflecting weak end-user demand.
- Raw materials: Sponge iron prices also corrected by INR 100/t, weighed down by sluggish procurement and softer enquiries.
Conversion spread: The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,050/t, highlighting sustained margin pressure on billet producers in the absence of finished steel support.
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) – Three trades at INR 36,700-36,800/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 36,750/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 36,785/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,767/t exw-Raipur, rounded off to INR 36,750/t exw.
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