- Moderate bookings recorded in semi-finished steel
- Finished steel segment sees marginal slowdown d-o-d
BigMint’s billet index fell marginally by INR 50/t day-on-day (d-o-d), settling at INR 34,800/t exw-Raipur on 17 October 2025, as moderate buying activity and reduced transportation availability owing to limited presence of workers ahead of the festive holidays restricted overall trade momentum in the semi-finished steel segment.
Prices remained largely range-bound, with most sellers opting to hold offers steady after consecutive price reductions earlier in the week. This approach, coupled with lower inventories, provided limited support to spot bookings at moderate levels.
Market dynamics
- Finished steel: In Raipur, rebar prices held firm, while wire rod prices eased by INR 100/t d-o-d, with enquiries staying muted amid weak downstream demand.
- Sponge iron: Prices in Raipur fell by INR 250/t, as sellers reduced offers to attract buyers at lower bids, resulting in a slight improvement in bookings compared with the previous session.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,500/t, indicating modest recovery in margins amid subdued demand conditions.
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 34,800-34,900/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 34,860/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these elevenen was INR 34,787/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,824/t exw-Raipur, rounded off to INR 34,800/t exw.
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