- Limited demand for semis at elevated offers
- Finished steel prices rally by INR 700/t in Raipur
BigMint’s billet index registered a sharp increase of INR 750/tonne (t) d-o-d to INR 37,900/t exw-Raipur on 22 December 2025. The steep rise was driven by strong influence from neighbouring markets and heightened price volatility across both the semi-finished and finished steel segments throughout the trading session.
Market sentiment remained highly volatile during the day, as sharp upward movements in spot prices were largely sentiment-driven rather than demand-led. Despite the surge in offers, buying activity and participation stayed limited, with most buyers adopting a wait-and-watch approach. Market participants indicated that sufficient material had already been secured at lower price levels over the past few days thereby reducing urgency to book at elevated offers.
Raipur market
- Finished steel: In Raipur, rebar and wire rod prices increased by INR 700/t, However, bookings remained limited as buyers exercised caution at higher price levels.
- Sponge iron: Prices in Raipur climbed by INR 550/t, tracking broader market uptrend. Demand remained selective, with participants closely assessing the sustainability of recent gains amid fluctuating sentiment.
The PDRI-to-billet conversion spread for the standalone induction furnaces in Raipur was assessed at INR 14,500/t, indicating steady producer margins despite the sharp rise in billet prices.
Rationale
This index is derived based on transaction, 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) – Three trades at INR 37,900-38,000/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 37,958/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 37,866/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,912/t exw-Raipur, rounded off to INR 37,900/t exw.
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