- Lower offers fail to revive buying interest
- Finished steel prices fall by INR 100/t d-o-d
BigMint’s billet index dropped by INR 200/tonne (t) d-o-d to INR 34,900/t exw-Raipur on 28 November 2025. The decline came as buying interest remained muted despite lower offers, with sentiment weighed down by subdued inquiries and weak market cues from neighbouring regions.
Market activity stayed largely sluggish throughout the session. Buyers refrained from aggressive procurement amid continued uncertainty, while negative signals from northern and adjoining markets further pressured spot offers. Although a few deals were concluded at discounted levels, the soft demand environment limited any meaningful recovery in trading activity.
Market highlights
- Finished steel: In Raipur, both rebar and wire rod prices fell slightly by INR 100/t, as downstream demand remained subdued.
- Sponge iron: Prices in Raipur slipped by INR 100/t amid limited inquiries and lower bids.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,400/t, indicating stability in producer margins.
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 trades at INR 36,150/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 36,150/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 36,187/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,168/t exw-Raipur, rounded off to INR 36,150/t exw.
Click here for detailed methodology
Leave a Reply