- Buyers stay cautious amid hikes in spot offers
- Finished steel prices increase by INR 100-200/t
BigMint’s billet index extended its upward trajectory, increasing by INR 200/tonne (t) d-o-d to INR 35,100/t exw-Raipur on 11 November 2025, despite selective trade activity and cautious market participation.
Although the index moved higher, overall buying remained muted, as most participants had already covered their immediate requirements during earlier sessions at more favourable prices. The recent uptick in prices led buyers to pause fresh bookings, awaiting stronger cues from the finished steel segment before committing further.
Market activity remained restrained, with sentiments turning cautious as sellers attempted to raise spot offers following the previous day’s improvement. However, a lack of adequate support from the finished steel segment and weak buying sentiments across key consuming regions capped the market’s upward potential.
Participants noted that while supply tightness and firm raw material prices provided short-term support, sustained momentum will depend on a clearer demand recovery from downstream construction and infrastructure projects.
Market highlights
- Finished Steel: In Raipur, rebar prices increased by INR 200/t, while wire rod tags rose by INR 100/t d-o-d. Despite the improvement, market activity remained limited, as many rolling mills had already fulfilled near-term bookings.
- Sponge Iron: Prices strengthened by INR 250/t d-o-d in Raipur, supported by sellers’ firm stance and moderate inquiries, though buying remained limited.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,050/t, indicating steady margins and a cautiously optimistic sentiment among 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) – Two trades at INR 35,000-35,100/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 35,041/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 35,143/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 35,092/t exw-Raipur, rounded off to INR 35,100/t exw.
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