India: BigMint's billet index hits 6-month low, drops INR 250/t d-o-d - 12 Jun

Modest buying observed despite lower offers
Finished steel sees sluggish material movement

BigMint’s billet index dropped further by INR 250/tonne (t) d-o-d to INR 38,050/t exw-Raipur on 12 June 2025, marking a six-month low. Despite reduced offers, buying activity remained modest, with demand still falling short of expectations.

Market sentiment remained volatile, with some recovery in buying interest for semis, primarily driven by attractive lower prices. However, the finished steel market continued to face sluggish movement, prompting further price corrections in some segments.

Sellers noted difficulties in concluding deals, as even reduced spot prices failed to attract significant buyer attention. Lower bids and intense competition from neighbouring markets further weighed on trading volumes.

In the finished steel segment, rebar prices were stable today, while wire rods declined by INR 100/t d-o-d. Additionally, sponge iron prices in Raipur fell marginally by INR 100/t today.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,050/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) – Four trades at INR 38,000-38,200/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 38,040/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 38,088/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 38,064/t exw-Raipur, rounded off to INR 38,050/t exw.

Click here for detailed methodology