- Recovery in finished steel demand supports offers
- Rebar prices rise INR 100/t, wire rod up INR 400/t
BigMint’s billet index jumped by INR 450/tonne (t) d-o-d to INR 36,850/t exw-Raipur on 4 September 2025. The day witnessed active buying interest at varied prices, supported by positive sentiment spillover from the GST 2.0 reform council meeting, which encouraged improved procurement across the steel value chain.
Market activity turned significantly positive d-o-d, with semi-finished and finished steel demand aligning to push billet prices higher. Traders and mills showed renewed interest, signalling a short-term recovery phase.
Market dynamics
- Semi-finished steel: Demand improved notably, with higher volumes booked at fluctuating spot offers. Volatility stemmed from renewed buying confidence following policy cues.
- Finished steel: Rebar prices rose by INR 100/t, with deals for 2,200 t concluded, while wire rod offers surged by INR 400/t with trades for 4,650 t, reflecting stronger downstream demand.
- Sponge iron: Raipur prices climbed up by INR 350/t, supported by active bookings across clusters.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 13,300/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) – Three trades at INR 36,800-36,900/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 36,871/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 36,860/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,865/t exw-Raipur, rounded off to INR 36,850/t exw.
Click here for detailed methodology
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