India: BigMint's billet index sees marginal gain d-o-d despite modest buying - 14 Nov

Positive cues from neighbouring markets influence Raipur
Finished steel prices increase by INR 100-200/t d-o-d

BigMint’s billet index inched up by INR 100/t d-o-d, closing at INR 35,450/t exw-Raipur on 14 November 2025. Although there was a marginal rise, overall trade activity was modest, as subdued finished steel demand and higher spot offers kept inquiries on the lower side.

The market experienced volatility throughout the day, supported by slightly positive cues from neighbouring regions. This contributed to fluctuations in spot offers, keeping market sentiment largely range-bound. Semi-finished steel saw moderate bookings at varied prices; however, finished steel sentiment remained subdued throughout the day.

Market highlights

Finished steel: In Raipur, rebar prices inched up by INR 100/t, while wire rod offers gained INR 200/t d-o-d. However, inquiries remained limited due to elevated offers.
Sponge iron: Prices increased by INR 250/t, though buyers stayed cautious, monitoring the market’s ability to sustain recent gains.

The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 11,750/t, keeping producer margins lower side despite further 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) – Five trades at INR 35,300-35,500/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 35,433/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 35,456/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 35,444/t exw-Raipur, rounded off to INR 35,450/t exw.

Click here for detailed methodology