- Slight revival seen in semi-finished steel demand
- Finished steel segment sees marginal price uptick
BigMint’s daily billet index increased by INR 400/tonne (t) day-on-day, settling at INR 37,100/t exw-Raipur on 23 July 2025. The uptick was driven by moderate buying interest and a marginal recovery in finished steel demand, particularly in the Raipur market.
Demand in the semi-finished segment improved notably in the second half of the trading session. Market sentiments were bolstered by rising sponge iron prices in central and eastern India, which supported a bullish tone in billet offers.
Market Snapshot:
- Rebar: Prices rose by INR 400/t d-o-d, with 5,300 t of deals concluded.
- Wire Rod: Prices also increased by INR 400/t, with approx. 5,900 t traded.
- Sponge Iron: Prices surged by INR 350/t, supported by improved demand across key regions.
Participants noted increased spot bookings for both sponge iron and finished steel, spurred by competitive offers and growing expectations of a short-term price rebound.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,850/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) – Four trades at INR 37,100-37,200/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 37,130/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 37,116/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,123/t exw-Raipur, rounded off to INR 37,100/t exw.
Click here for detailed methodology
Leave a Reply