- Moderate demand for semis amid elevated offers
- Finished steel prices rise INR 400-500/t in Raipur
BigMint’s billet index increased by INR 300/t day-on-day (d-o-d), settling at INR 36,800/t exw-Raipur on 18 September 2025. The upward movement was supported by moderate bookings in the semi-finished steel segment, along with positive cues from a gradual recovery in finished steel demand and improved buying from neighbouring regions.
The rise in billet prices was largely influenced by tight raw material availability and stronger market signals from northern India. In the finished steel segment, active buying and a significant rise in semi-finished prices boosted rebar and wire rod markets, which in turn is expected to provide further support to billet demand.
Market highlights:
- Finished steel: Rebar prices in Raipur recovered by INR 400/t, while wire rod prices surged by INR 500/t d-o-d, supported by improved buying activity.
- Sponge iron: Prices in Raipur increased by INR 400/t d-o-d. However, demand remained limited at higher offer levels, restricting billet procurement momentum.
The conversion spread from PDRI to billets for standalone induction furnaces in Raipur was assessed at INR 12,400/t.
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 36,823/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 36,800/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 36,811/t exw-Raipur, rounded off to INR 36,800/t exw.
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