- Sustained weak demand drags down spot offers
- Plummeting finished demand adds to market woes
BigMint’s billet index slumped further by INR 300/tonne (t) d-o-d to INR 37,100/t exw-Raipur on 23 June 2025 – its lowest in over four years, and last seen in February 2021.
Despite price reductions, market activity and buying interest failed to pick up, as weak sentiments and lower bids continued to weigh on spot trading throughout the day. Sellers were compelled to lower spot offers in the semi-finished segment to attract buying interest, but response remained muted.
Participants noted that prolonged weakness in the finished steel segment has further deepened market pessimism, with many buyers remaining on the sidelines amid the ongoing uncertainty.
Raipur market snapshot
- Rebar prices fell by INR 200/t
- Wire rod prices declined by INR 300/t
- Sponge iron prices also dropped by INR 200/t
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,800/t, narrowing further due to falling billet prices.
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) – Two trades at INR 37,100/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 37,100/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 37,120/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,110/t exw-Raipur, rounded off to INR 37,100/t exw.
Click here for detailed methodology
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