- Active buying demand support semis’ offers
- Finished prices regain on improved sentiment
BigMint’s billet index recorded a d-o-d rise of INR 250/tonne (t), settling at INR 37,000/t exw-Raipur on 8 July 2025. The upward movement was supported by reviving demand across both semi-finished and finished steel segments, especially in the latter half of the trading session.
Improved sentiment in the sponge iron market, particularly in central India, played a critical role in supporting billet and rebar prices, with neighbouring regions also witnessing an uptick in buying activity.
In the SAIL-Bhilai Steel Plant (BSP) auction concluded yesterday, billets (CC defect) of up to 110-mm size were booked at an average price of INR 37,650/t, while billets above 110 mm fetched an average of INR 38,300/t, ex-loading yard, with around 1,370 t booked.
Market snapshot
- Rebar: Rose by INR 100/t; approximately 2,900 t of deals concluded
- Wire rods: Up by INR 100/t; around 5,000 t of deals recorded
- Sponge iron: Surged by INR 550/t, driven by strong demand and active bookings d-o-d
Participants reported increased spot booking activity across regions as buyers responded positively to competitive offers and expectations of short-term price firming.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster remained stable at INR 13,750/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 36,900-37,000/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 36,937/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 37,037/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,987/t exw-Raipur, rounded off to INR 37,000/t exw.
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