- Northern markets see improvement, lift sentiment in Raipur
- Finished prices remain largely stable amid cautious buying
BigMint’s billet index inched up by INR 50/tonne (t) d-o-d to INR 36,850/t exw-Raipur on 12 September 2025. Improved buying interest and moderate bookings supported billet spot offers, aided by slightly positive cues from neighbouring markets.
The uptrend in billet prices was largely influenced by improved trade activity and strengthening signals from northern regions. However, in the finished steel segment, prices held largely stable, as buyers adopted a cautious stance, closely monitoring for signs of a demand recovery in a subdued market.
Market dynamics
- Semi-finished steel: Demand improved moderately, with bookings recorded at varied prices. The volatility in offers was influenced by firmer cues from northern markets.
- Finished steel: Rebar and wire rod offers remained range-bound, reflecting cautious buyer sentiment and limited downstream support.
- Sponge iron: Raipur prices rose by INR 100/t d-o-d, backed by improved procurement across clusters.
The conversion spread from PDRI to billets for standalone induction furnaces in Raipur was assessed at INR 12,950/t, pointing to continued margin pressure for billet producers despite marginal price gains.
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 36,800-36,900/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 36,826/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 36,871/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,848/t exw-Raipur, rounded off to INR 36,850/t exw.
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