- Semi-finished steel prices continue to weaken
- Inquiries for finished steel remain subdued
BigMint’s billet index slipped INR 100/t d-o-d, settling at INR 36,750/t exw-Raipur on 15 September 2025, as weak buying interest and muted enquiries weighed on overall sentiment. The market stayed largely range-bound, with minor corrections seen towards the end of the trading session.
Cues from the northern region reflected negative sentiment, which pressured spot offers. Although limited bookings in semi-finished steel were observed at lower price levels, finished steel demand continued to lag, restricting any meaningful recovery in market activity.
Market dynamics:
- Semi-finished steel: Demand showed minor improvement, but bookings were restricted to smaller volumes at lower price points.
- Finished steel: Rebar and wire rod prices eased by INR 100/t d-o-d, reflecting subdued demand and weak procurement appetite.
- Sponge iron: Prices in Raipur rose marginally by INR 50/t, lending slight cost support, though not enough to drive billet buying momentum.
The conversion spread from PDRI to billets for standalone induction furnaces in Raipur was assessed at INR 12,750/t, highlighting continued pressure on producer margins amid weak downstream 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) – One trades at INR 36,700/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 36,700/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 36,762/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,731/t exw-Raipur, rounded off to INR 36,750/t exw.
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