- Moderate demand supports spot offers
- Rebar prices in Raipur rise by INR 200/t
BigMint’s billet index rose by INR 350/tonne (t) d-o-d settling at INR 34,800/t exw-Raipur on 29 October 2025. The increase was driven by improved buying interest and moderate bookings, which helped support spot offers in the semi-finished steel segment amid renewed optimism in finished steel demand.
The market witnessed volatility throughout the day, aided by positive cues from north India, which contributed to fluctuations in spot prices. A steady rise in demand for semi-finished steel led to moderate bookings at different price levels. Sellers, however, refrained from bulk deals, anticipating further upside movement in prices following improved buyer participation and rising finished steel inquiries.
Market highlights:
- Finished steel: In Raipur, rebar offers increased by INR 200/t, with around 4,000 t of confirmed deals, while wire rod prices surged by INR 600/t d-o-d, supported by over 9,000 t of trades recorded during the day.
- Sponge iron: Prices in Raipur rose sharply by INR 450/t d-o-d, as bookings continued to improve amid revived buying interest and short-term restocking.
The conversion spread from PDRI to billet for standalone induction furnaces in Raipur was assessed at INR 12,350/t, indicating steady margins supported by strengthening 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 34,800-34,900/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 34,806/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 34,750/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 34,778/t exw-Raipur, rounded off to INR 34,800/t exw.
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