- Tight supply of billets, raw materials supports offers
- Finished steel prices increase by up to INR 700/t d-o-d
India’s billet prices continued their upward momentum on 24 July 2025, with BigMint’s index rising by INR 400/tonne (t) d-o-d to INR 37,500/t exw-Raipur. The increase was fuelled by positive market sentiment, firm demand across semis and finished steel, and price support from neighbouring regions.
The market saw a widespread uptick in buying interest, especially in Raipur, driven by tight raw material supply and controlled billet availability in the spot market. This encouraged producers to hold or raise offers further.
Market snapshot
- Rebar: Prices surged INR 700/t, with deals for 1,900 t confirmed.
- Wire rod: Prices rose INR 400/t, with transactions for approximately 3,800 t recorded.
- Sponge iron: Prices increased by INR 450/t, supported by consistent buying and firm pellet prices.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at INR 12,800/t
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) – Five trades at INR 37,400-37,700/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 37,500/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 37,545/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,522/t exw-Raipur, rounded off to INR 37,500/t exw.
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