- Buyers stay away, amid adequate bookings earlier
- Finished steel prices show mixed trends d-o-d
BigMint’s billet index declined marginally by INR 150/tonne (t) d-o-d, settling at INR 37,450/t exw-Raipur on 9 September 2025. The recent upward rally paused as weak demand and muted buyer participation failed to support higher spot offers, particularly amid sluggish finished steel movement.
Market activity remained largely subdued as buyers adopted a cautious stance. Having secured sufficient bookings in the past few sessions, participants refrained from further purchases, waiting for stronger demand cues from the finished steel segment.
Market overview
- Semi-finished steel: Demand stayed muted, with smaller volumes booked at lower prices. Participation was thin, as buyers opted for a wait-and-watch approach.
- Finished steel: Rebar prices rose by INR 200/t d-o-d, while wire rods eased by INR 100/t, reflecting mixed trends and weaker buyer confidence.
- Sponge iron: Prices in Raipur declined slightly by INR 100/t d-o-d amid subdued interest and cautious sentiment.
The PDRI-to-billet spread for standalone induction furnaces in Raipur stood at INR 13,200/t, indicating steady producer margins despite the 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) – One trades at INR 37,400/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 37,400/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 37,518/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,459/t exw-Raipur, rounded off to INR 37,450/t exw.
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