- Moderate buying supports spot offers
- Finished steel receives mixed response
BigMint’s billet index rose marginally by INR 50/t d-o-d, settling at INR 36,950/t exw-Raipur on 22 September 2025. Improved buying interest and moderate bookings supported semi-finished steel offers, aided by positive cues from nearby states.
The market experienced volatility throughout the day, supported by positive cues from northern India. This contributed to fluctuations in spot offers. Slight improvement in semi-finished steel demand led to moderate bookings at varied price levels; however, finished steel sentiment stayed subdued.
Market highlights:
- Finished steel: In Raipur, rebar offers continued to remain firm, while wire rod prices decreased by INR 200/t d-o-d amid subdued response from participants.
- DRI: Sponge iron prices in Raipur climbed INR 300/t d-o-d, with improved bookings observed in today’s session.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,500/t, reflecting pressure on producer margins despite lower offers.
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 36,920/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 36,987/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,954/t exw-Raipur, rounded off to INR 36,950/t exw.
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