- Improved demand for semis supports price uptick
- Finished steel market witnesses mixed response
BigMint’s billet index increased by INR 200/tonne (t) d-o-d to INR 36,900/t exw-Raipur on 3 December 2025 driven by improved buying interest and a rise in enquiries. The market also drew strength from cautious optimism in the finished steel segment which is expected to lend additional support in the near term.
Market activity remained volatile yet positive throughout the day, with north India reflecting positive vibes but short-term price fluctuations prevailed. The steady pickup in semi-finished steel demand facilitated improved bookings, however, sellers avoided aggressive quotes, maintaining a measured approach as buyers continued to seek clearer directions in the steel market.
Market highlights
- Finished steel: In Raipur, rebar offers remained range-bound, while wire rod prices inched up by INR 100/t supported by selective buying.
- Sponge iron: Prices in Raipur remained range-bound supported by a brief revival in buying interest.
The conversion spread from PDRI to billet for standalone induction furnaces in Raipur stood at INR 13,000/t, indicating improved producer margins on gradual recovery in semi-finished steel demand.
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) – Four trades at INR 36,800-37,000/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 36,900/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – Bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 36,928/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,914/t exw-Raipur, rounded off to INR 36,900/t exw.
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