- Volatility keeps market participants cautious
- Finished steel prices rise INR 100-200/t in Raipur
BigMint’s billet index declined by INR 100/t day-on-day (d-o-d) to INR 35,500/t exw-Raipur on 10 October 2025, as market sentiment remained weak amid sufficient bookings in the previous trading session. Participants adopted a wait-and-watch approach, awaiting market clarity.
Mild downward pressure from northern India and competitive pricing from neighbouring regions slowed market activity, as most buyers had already covered near-term requirements in earlier deals.
Market highlights:
- Finished steel: In Raipur, rebar prices rose by INR 200/t, and wire rod prices increased by INR 100/t d-o-d. Despite the uptick, overall inquiries remained limited.
- Sponge iron: Prices in Raipur witnessed a marginal rise of INR 50/t, with buying interest staying subdued due to elevated offers.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,100/t, reflecting continued margin pressure on producers 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 trade at INR 35,500/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 35,500/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 35,533/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,516/t exw-Raipur, rounded off to INR 35,500/t exw.
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