- Index stands at INR 36,700/t exw-Raipur
- Steel prices witness positive trends
BigMint’s billet index was stable at INR 36,700/t exw-Raipur on 22 July 2025. The upward trend seen yesterday was primarily driven by continued raw material cost pressure, even as buying activity in the semi-finished steel segment remained subdued.
However, buyers today continued to negotiate at previous price levels. During the first half of the session, prices saw a slight dip; however, with rates nearing the bottom, sellers resisted offering further discounts. Additionally, firm raw material costs lent support to the prices in the latter half of the day.
Commodity snapshots
- Rebar: Prices moved slightly upward.
- Wire rod: Prices remained stable today.
- Sponge iron: Prices increased by INR 50/t.
The conversion spread from sponge iron (PDRI) to billets in the Raipur induction furnace steel hub narrowed further to INR 12,800/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) – 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) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 36,715/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,707/t exw-Raipur, rounded off to INR 36,700/t exw.
Click here for detailed methodology
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