- Bookings slow down amid higher offers, cautiousness
- Finished steel prices rise by INR 200-300/t in Raipur
BigMint’s billet index surged by INR 400/t d-o-d, settling at INR 37,600/t exw-Raipur on 8 September 2025. Amid the sharp rise, buying activity remained subdued, with participants resisting higher spot offers amid weaker finished steel movement.
The uptrend in billet prices was largely influenced by improved trade activity in the previous sessions and stronger cues from the northern region. However, inquiries and fresh bookings slowed down today, as buyers adopted a cautious approach, anticipating more clarity on finished steel demand before committing to further bookings.
Market dynamics
- Semi-finished steel: Limited demand was noted, with smaller volumes booked at varying prices. Market volatility was driven by renewed confidence from recent trades.
- Finished steel: Rebar offers rose by INR 300/t d-o-d, with deals for about 2,000 t concluded, while wire rods gained INR 200/t, reflecting a slight improvement in buying interest.
- Sponge iron: Raipur prices surged by INR 650/t d-o-d, supported by modest bookings across clusters.
The PDRI-to-billet spread for standalone induction furnaces in Raipur stood at INR 13,250/t, keeping producer margins steady despite sharp billet 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) – Two trades at INR 37,600/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 37,600/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 37,611/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,605/t exw-Raipur, rounded off to INR 37,600/t exw.
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