India: BigMint’s billet index softens by INR 100/t d-o-d amid limited demand - 4 Nov

Weak finished steel demand leads to muted inquiries
Negative cues from nearby markets dampen sentiment

BigMint’s billet index declined marginally by INR 100/t d-o-d, settling at INR 35,300/t exw-Raipur on 4 November 2025, as weak buying interest and limited inquiries kept overall market sentiment subdued.

The market witnessed minor corrections towards the day’s close, with participants remaining cautious amid persistent weakness in finished steel demand. The lack of fresh buying momentum and subdued downstream activity continued to pressure spot offers, while negative cues from neighbouring markets further dampened overall sentiment.

Market dynamics

Finished steel: In Raipur, rebar prices held steady d-o-d, whereas wire rod tags slipped by INR 100/t, amid weak procurement activity.
Sponge iron: Prices in Raipur inched up by INR 100/t d-o-d, supported by volatility in spot offers, though buying inquiries remained weak.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,050/t, indicating compressed producer margins amid weak market activity.

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 trades at INR 35,300/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 35,300/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 35,341/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 35,320/t exw-Raipur, rounded off to INR 35,300/t exw.

Click here for detailed methodology