- Semi-finished steel prices continue to weaken
- Inquiries for finished steel remain subdued
BigMint’s billet index rose marginally by INR 50/t d-o-d, settling at INR 36,200/t exw-Raipur on 1 October 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.
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: Limited bookings were observed in the market at lower price points.
- Finished steel: In Raipur, wire rod prices declined by INR 200/t d-o-d, while rebar remained stable.
The conversion spread from PDRI to billets for standalone induction furnaces in Raipur was assessed at INR 12,100/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) – Three trades at INR 36,200/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 36,200/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 36,222/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,211/t exw-Raipur, rounded off to INR 36,200/t exw.
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