- Bookings remain subdued as offers surge
- Finished steel prices show mixed trends
BigMint’s billet index recovered by INR 250/t d-o-d, settling at INR 35,800/t exw-Raipur on 20 November 2025. The price rise was supported by a significant improvement in bids in yesterday’s Odisha Mining Corporation (OMC) iron ore auction and positive influence from northern markets.
Despite the price recovery, trading activity was muted, as buyers had already secured bookings at lower prices earlier in the week. Consequently, buyers chose to adopt a wait-and-watch approach, expecting clearer market direction and potential support from the finished steel segment in the near term.
Market highlights
- Finished steel: In Raipur, rebar offers remained firm d-o-d today, while wire rod prices increased by INR 200/t.
- Sponge iron: DRI prices rose by INR 150/t d-o-d today, supported by limited bookings across regions.
The PDRI-to-billet spread for standalone induction furnaces in Raipur stood at INR 12,050/t, with producers’ margins limited despite the slight gain in 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 35,700-35,800/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 35,781/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 35,838/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,810/t exw-Raipur, rounded off to INR 35,800/t exw.
Click here for detailed methodology
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