India: BigMint’s billet index slips further by INR 150/t d-o-d – 23 Oct

• Subdued trades due to holiday break
• Finished steel prices drop INR 300/t d-o-d in Raipur

BigMint’s billet index declined by INR 150/t day-on-day (d-o-d) to INR 34,650/t exw-Raipur on 23 October 2025, as market activity remained largely inactive following the holiday period. Limited participation and muted enquiries persisted throughout the day, despite lower offers from sellers.

Buying interest remained constrained, weighed down by weak downstream demand and cautious procurement ahead of upcoming festive holidays, which are expected to impact both trade and transportation. Continued pressure from the finished steel segment and weak sentiments in neighbouring markets added to the bearish tone.

Market highlights

• Finished steel: In Raipur, rebar and wire rod prices dropped by INR 300/t d-o-d, as downstream demand remained sluggish.
• Sponge iron: Prices in Raipur fell by INR 200/t, with limited need-based bookings concluded at lower offers.

The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 12,550/t, indicating a marginal improvement in producer margins compared with the previous session.

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) – One trade at INR 34,600/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 34,600/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 34,675/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 34,637/t exw-Raipur, rounded off to INR 34,650/t exw.

Click here for detailed methodology