- Market sees scattered bookings, cautious sentiment
- Sponge prices rise INR 200/t on higher input costs
BigMint’s daily billet index held steady d-o-d at INR 36,700/tonne (t) exw-Raipur on 18 July 2025, reflecting a range-bound trend amid modest buying and cautious sentiment across the market.
The market saw mild volatility throughout the day. Although semi-finished steel demand picked up slightly, bookings remained limited and scattered, with participants continuing to operate conservatively.
In the finished steel segment, rebar prices inched up by INR 100/t d-o-d, while wire rod offers remained unchanged. Sponge iron prices in Raipur rose by INR 200/t, driven by tight raw material availability and a rise in input costs.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 13,000/t, indicating continued cost pressure for standalone producers.
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 trade 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) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 36,725/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,712/t exw-Raipur, rounded off to INR 36,700/t exw.
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