- Subdued finished steel demand weighs on billet tags
- Finished steel prices drop INR 300-400/t in Raipur
BigMint’s billet index recorded a marginal d-o-d decline of INR 50/tonne (t) to INR 37,800/t exw-Raipur on 28 July 2025. The market reflected a largely range-bound trend amid subdued buying interest and continued cautious sentiment across key regions.
Market activity remained muted, with limited buyer participation and lower inquiry volumes. Prevailing pessimism, largely driven by weak downstream demand, weighed on overall momentum and kept spot prices under pressure.
In the finished steel segment, rebar prices fell by INR 300/t d-o-d, while wire rod offers dropped by INR 400/t in the Raipur market. Similarly, sponge iron prices declined by INR 200/t, attributed to weak inquiries and downward corrections in spot offers.
The conversion spread from PDRI to billets for standalone induction furnaces in Raipur was assessed at INR 12,700/t, indicating continued cost pressure on billet producers in the absence of finished steel support.
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) – Two trades at INR 37,800/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 37,800/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 37,783/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,791/t exw-Raipur, rounded off to INR 37,800t exw.
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