India: BigMint's billet index remains range-bound amid modest buying

Semi-finished steel sees minor demand uptick
Finished steel prices decline INR 300/t in Raipur

BigMint’s daily billet index remained range-bound, holding steady at INR 36,700/tonne (t) exw-Raipur on 4 July 2025, amid modest buying activity and overall cautious market sentiments.

The market experienced volatility throughout the day, supported by slightly positive cues from the northern region of India. This contributed to fluctuations in spot offers. Minor improvement in semi-finished steel demand led to moderate bookings at varied price levels; however, the broader sentiment stayed subdued.

Market participants noted that the prolonged weakness in the finished steel segment continues to dampen confidence, with procurement largely confined to lower price points and limited volumes.

In the finished steel segment, rebar prices fell sharply by INR 300/t, while wire rod prices remained stable day-on-day. On the other hand, sponge iron prices in Raipur rose by INR 200/t, driven by limited availability and a modest recovery in demand.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,950/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) – Two trades at INR 36,700/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 36,700/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 36,730/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 36,715/t exw-Raipur, rounded off to INR 36,700/t exw.

Click here for detailed methodology