India: BigMint's billet index eases by INR 250/t d-o-d amid weak sentiments - 5 Dec

Trade remains subdued despite price reductions
Finished steel dips by INR 200/t d-o-d in Raipur

BigMint’s billet index declined by INR 250/tonne (t) d-o-d, settling at INR 37,000/t exw-Raipur as on 5 December 2025. Market sentiment remained weak, with a modest decline observed throughout the trading session, as overall activity in the semi-finished steel segment remained subdued.

Despite the price reduction, buying activity remained muted, as buyers had secured bookings at lower prices earlier in the week. Therefore, buyers chose to adopt a wait-and-watch approach amid expectations of clearer market direction and potential support from the finished steel segment in the near term.

Market highlights

Finished steel: In Raipur, rebar prices remained unchanged, while wire rod prices dropped by INR 100/t d-o-d, amid limited activity and weak buying sentiment.
Sponge iron: Prices corrected by INR 200/t, as lower bids and muted enquiries exerted additional downward pressure.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 13,150/t, indicating stable producer margins in a weakening market.

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 trade at INR 37,000/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 37,000/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 37,025/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 37,012/t exw-Raipur, rounded off to INR 37,000/t exw.

Click here for detailed methodology