- Limited enquiries weigh on spot offers
- Finished steel softens by INR 100/t in Raipur
BigMint’s daily billet index declined by INR 100/tonne (t) d-o-d, settling at INR 36,900/t exw-Raipur on 1 July 2025, as market activity remained subdued with buyers showing minimal interest in procurement.
The semi-finished steel market recorded a marginal decline amid limited fresh enquiries. Overall demand stayed weak across both semi-finished and finished steel segments, with buyers largely on the sidelines amid continued weakness in finished steel movement.
Market participants adopted a cautious stance, with volatile sentiments further restraining trading activity and spot bookings throughout the day.
In the finished steel segment, both rebar and wire rod prices dropped by INR 100/t, reflecting muted demand. Meanwhile, sponge iron prices in Raipur remained range-bound, with no major fluctuations observed.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,500/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 36,900/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 36,900/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 36,922/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,911/t exw-Raipur, rounded off to INR 36,900/t exw.
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